Originally Posted by Talltodd
I'm a believer in being debt free so I'd pay off as much as you can.
+1- if it were me I would work toward being 100 percent debt free. It's liberating!
On Refinancing - may be tricky. On one hand you may be currently in an investor rate mortgage, higher than owner occupied rate. On the other hand you said u sold your primary residence and if you just have this one property remaining, you might make a case that it is to be owner occupied eventually and get that more favorable interest rate on it.
5 percent is a little high for owner occupied 30 year confirming and you can probably get down around 4 percent. Assuming no points or closing cost to refi The one point difference on 130k loan is about $1.3k per year in savings.
Again, if it were me I would just pay it off and be done.