Mortgage insurance does not carry over. A refinance is a new loan, and it gets new MI priced on that new loan's risk. The new premium is built on your new loan-to-value and current credit score, and it may come from a different mortgage insurance company entirely. The old loan's MI terms are irrelevant once you refinance. Pricing among the major MI companies sits in a fairly narrow band, but the difference is still real money worth shopping. Depending on the file, a better MI placement might save something like $5 to $10 a month, roughly $100 a year. Stacked with the rate, the effect can be much bigger. On one refinance, the rate improvement alone saved a borrower about $200 a month, and the lower mortgage insurance pushed the total closer to $350. Those figures are an illustration of how the pieces stack, and none of them is a quote for your loan. When we run a refinance, we re-shop the mortgage insurance alongside the rate so both pieces are working in your favor.