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Posted by joetaxpayer on May 25, 2008, 2:10 pm
Bob wrote:
> Hi,
> We have a 1st mortgage at a great rate (4.875). We also have a home
> equity line of credit that is about 6.5% these days, and we're just
> paying the interest. Although we are not completely done with our
> home project, we are wondering whether we should just refinance the
> whole thing now. I can't find a calculator online that will compute a
> 1st fixed mortgage and a heloc. Anyone know of any?
> Thanks so much for any help.
Any analysis would need the balance for each, as well as the new fixed
rate you'd get. 4-7/8% is a great rate, a sin to lose it. And if your
loans are, say $100K/20K you'd come out ahead initially, i.e. saving
interest up front, but trading that short term HELOC for longer term
debt. It really hinges on what your new fixed rate would be. Of course,
if it's the same, or a bit higher, the numbers may work in your favor.
Sounds like you need to play with a spreadsheet.
Joe
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