Re-Post: Cash out refi to pay off rental mortgage?

[Hank Lloyd]

Not sure why the first post was removed. Here it is again:

Hi guys, I have primary residence mortgage $272,402.50 remaining at 3.625% with 24 years left and a rental unit with $260,997.99 remaining mortgage at 4% and 23 years left.

I'm thinking of taking a cash out refinance on my primary residence for the amount of $545,000 so I can pay off my rental unit mortgage.

Assuming I can get the same rate of 3.625% for my refinance, does this make sense? I can cut my monthly mortgage by about $500.

Will I end up paying more since I will be taking on a fresh 30-year mortgage?

Thanks!