Refinance or pay off the property

[Amy Lin]

Hey All,

My husband and I purchased a SFH 5 years ago and just realized that the commerical loan we took out ( under the LLC name) has a maturity date of 5 years. We probably should've known that and refinance when rate was low but we really didn't realize the loan was set for 5 years since all other commerical loans we had with the same lender are 20 years.

Anyway, we have about 55k left on the loan,so we are deciding on 2 options, one is to refinance with other lender at 9.25%  for 20 years which will make our payment $100/ month higher than before but we will still have cash flow for $394. Or we could sell one of the other properties which makes maybe $180/month cashflow and use the proceeds to pay off the loan. With the loan being paid off, we will make about $960/month cashflow. 

What are your thoughts? Which route do you think is more beneficial? 

Thanks !