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Refi (again) or Not to Refi

I refinance last year to a 15yr. at 4.25%.  The property apprised for $430k.  The currently mortgage balance is ~$143k.  I also have a HELOC at 2.49% with a current balance of $64k, to which I am paying $2k monthly to have it paid off in 3 years.
Here is the $1B question:
Do I continue to pay the mortgage and $2k towards HELOC as I have been doing?  Or do I refi to cash out to pay off the HELOC?  I was recently qualified for a 15yr. at 3.8% with no points and no closing.  Will rates go any lower? Are there online calculators for this type of scenarios?  I can't analyze this. But so tempting to refi to combine both "loans"/"debts".  Any and all input will be appreciated.  Thanks!
  • September 16 2010 - Rockville
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Answers (2)

The saving is very little, you save 7 payments if you pay the currently payment for the 3.8% new mortgage.
Also here is a link:
http://www.zillow.com/mortgage/calculator/Should-I-refinance-my-home-mortgage.htm
  • September 16 2010
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Profile picture for sunnyview
I'm sure the lenders will have lots of good input, but this mortgage consolidation calculator here is the closest that I could find. I think it will let at least let you include your HELOC and then compare it to the new mortgage. That site has other calculators that might be helpful too, but the Zillow lenders may be your best resource. Hope the link helps.
  • September 16 2010
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