Posted on: 17th Aug, 2010 10:13 pm
1st is $234k @ 5.25% for a $1457 per month payment on a 30 yr fixed loan. I have 23 years left on the loan.
HELOC is $58k, adjustable, currenty @ about 3%, I am paying $1k per month. If rates go up that will be bad.
I can combine both in a 15 year fixed @ 3.75% for a monthly payment of $2150 per month.
Seems to make more sense. However, I know I am extending the payment on the HELOC, I figure I can pay it off in 6 years. Perhaps I should just refi the first?? Do nothing??
thanks for any help!!!!
HELOC is $58k, adjustable, currenty @ about 3%, I am paying $1k per month. If rates go up that will be bad.
I can combine both in a 15 year fixed @ 3.75% for a monthly payment of $2150 per month.
Seems to make more sense. However, I know I am extending the payment on the HELOC, I figure I can pay it off in 6 years. Perhaps I should just refi the first?? Do nothing??
thanks for any help!!!!
If you feel you can pay the HELOC off faster. Refi the first position and surbordinate the HELOC.