Refi to consolidate HELOC

[Tim Viviano]

Hi everyone! I've been on BiggerPockets reading forum posts pretty much every day since I joined a few weeks ago. It's incredible how much I didn't know I didn't know. I have a question about possibly refinancing now that I have about 80% equity in my main residence. When I purchased back before the crash I took out an 80/20 loan, the 20% being a HELOC, so I could buy with nothing down. My first mortgage balance is ~168K with 21 years left @4.375 and the 2nd is ~34K variable at about 10% right now I believe. The 2nd converts to payback in 2024. Total payments are about $1280 with PI on the 1st and int only on the 2nd. Does it make sense to refinance the sum at 4.75 for 20? That payment would be ~$1305 and I'd shave a year off my 1st and actually pay back the 2nd instead of int only (plus the occasional principal payment). It makes sense to do so to me but like I said previously, I don't know what I don't know. It seems weird to raise the rate on the bulk of the $$ though so I was wondering if there's something else I should do instead. All of this is conventional lending. TIA!