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Yes, that sounds not worth it. You're better off taking hat $6k in closing costs and paying an extra payment every year (13th month going directly towards principal) and it will take years off your loan making it more than $2k less over the years.
You should still however find out what the mistakes are on the credit report and fix them. Once they are fixed, you can then take a look again and see if it changes the rates and total payout.
One thing that I did not consider is that if you're grandfather is going to get coverage via Medicare, he should not be on any title of property. If he's just on the loan you should be fine, but if he's also on the deed it may be more imperative to remove him even with this low amount.
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