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  • Apr 8th, 2021 8:49 pm
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[OP]
Deal Addict
User avatar
Feb 1, 2008
4156 posts
1000 upvotes
Niagara Falls, ON

LOC vs mortgage

Resolved, additional maxed lump payments is the way to go.
Last edited by hyperactiveme on Apr 8th, 2021 8:56 pm, edited 2 times in total.
3 replies
Deal Addict
Mar 21, 2013
3593 posts
4951 upvotes
Canada
hyperactiveme wrote: We're getting to the end and I think it's best to payoff the mortgage with the HELOC.

Between now and the end we're paying $36k in interest (8 years)

I can't seem to find a calculator i to do the comparison. HELOC is at 3.45%

The catch is I've maxed out our payment for the mortgage (74k @ 2.4%) but have 2k available per month.

Or I can just drop $12k per year over the next 8. Not sure how to calculate this part of it

2k monthly should have is paid off in 3 years loc.
Wrong forum, post on Personal Finance
Member
Oct 31, 2014
227 posts
92 upvotes
Edmonton, AB
Why would you take a higher loan, to pay off a lesser one?

Like, maybe if you could cashflow the HELOC in 6 months or less... but this is not the case...
[OP]
Deal Addict
User avatar
Feb 1, 2008
4156 posts
1000 upvotes
Niagara Falls, ON
SheaButters wrote: Why would you take a higher loan, to pay off a lesser one?

Like, maybe if you could cashflow the HELOC in 6 months or less... but this is not the case...
Because I can pay it off faster. That's why I was trying to calculate the savings
Blubbs wrote: Wrong forum, post on Personal Finance
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