Consolidatdating mortgages advice

[Darren Beauchamp]

Hi I have a primary residence mortgage 6 yrs into a 30yr conventional fixed at 4.35% and I have a rental unit 13 yrs into a 30yr FHA at 5.5%. My dilemma is I would like to consolidate into a 15yr conventional refi cash out on the primary and pay off the rental unit. However, the math is confusing me and the tax deductions. I have enough equity in both for the LTV's to qualify for a 3.2% 15yr fixed.

Thanks

Darren - Miami Florida