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Help! I'm trying to figure out my finances..
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I would not refinance based on the information you gave.
The only reason you might want to refinance, would be to a shorter term mortgage at a lower rate. In other words, a 15 year mortgage fixed rate for the whole thing.
Then again, that would increase your mortgage payment to $967 (not counting taxes & insurance), or $1,406.09 (which includes taxes & insurance), guessing the rate would be around 5.9%. So basically you'd be paying about $100/month more than you are now.
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