Refi to pay off HELOC or make payments?

Refi to pay off HELOC or make payments?

Denver, CO · Member since 2017 · 45 posts · 13 votes

Here is the situation.... I currently have a HELOC out on a Condo that are variable interest only payments. I used this money for a down payment on a new house and upgrades on the condo. right now my interest only payments are about $150 a month and will have to start paying principle in 9 years. The condo is in a 15 year fixed mortgage and will be fully paid in 12 years.

The question is would it make more sense to eat those monthly payments until the HELOC principle payments become due sell the house and pay it off then or refi when there is enough equity to cover the HELOC amount?

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