Hello Allie,

Bob's calculation is correct.

However the question to refinance should be based on your answer to this question? "How long are you planning to stay in the home? If you have long term plans or if you have no plans to sell, you should consider refinancing. Anyway the decision is yours. Rates and home values go up and down keep that in mind!!!

good afternoon allie.....i would stick with what you have, unless the second is on a short amortization..if you are contemplating paying off a $35,000 second mortgage, also consider the recapture time to get your money back plus the costs to close.......the cost per-thousand is important, not just interest rate....add both payments you are making now together and compare it to the new payment.....sorry, but i must disagree with the below listed comment about what your blend rate really is, it is not 6.448%.it is 5.999%......i would be glad to show you the math if you like....very best regards.bob mcclure- successs mortgage partners- plymouth, michigan.....

Did you refinance?

If not this would be a good time to refinance into one loan with PMI or LPMI.

You may be able to get an appromixate idea of the value of your property at:

http://mymls1.com/home-valuations

Is your 1st loan a fixed rate or is it an adjustable rate mortgage (ARM)? If it is a fixed rate, then you need to weigh the terms and costs of a refi along with any payoffs needed to see if it is beneficial to refi at this time. You have a good rate currently on your 1st.

If the 1st loan is an ARM, then you need to see when the interest rate changes and by how much to determine if you should refi now. If the rate changes soon, then doing a refi now could be of benefit while rates are low.

If you would like more information I would be glad to discuss it with you. I can be reached at 559-325-3650.

Allie, your blended rate is 6.448% between your first and second mortgages. Depending on what your appraisal comes in at it may be a better option to refi. If you can put down enough money for 95% LTV then you can do an FHA loan no problem.