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I believe that I have crystallized by question into the following choices.

Assuming that you are moving from a ARM that will adjust in 5 years from now.

You would move to a fixed rate with lower payments if?

Also if you choose 2 or 3 can you include what that time frame is for you???
No matter how long it takes to pay for the refi cost do it.
Only if the difference in payments will pay for the cost within X months.
Only if the cumulative interest saved would pay for the refi cost within X months.

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