Ok, I need help calculating if refinancing my primary mortgage and paying off my home equity is a good idea.
124K on primary at 6.25%, 30 year total, paid 4 years.
37K on home equity, I just locked in rate of 6.99% for 15 year pay off.
I am looking at rolling both together and refinancing for 30 years, paying twice a month (my current mortgage holder doesnt have a bi weekly program) to cut off a lot of interest and shorten the term. 6.125%, .5 points and about 2500 cash required for closing costs.
I will then pay extra on it. I think I will save on the home equity loan, but not sure.