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.
Apr 8th, 2021 8:29 pm
Apr 8th, 2021 8:45 pm
Wrong forum, post on Personal Financehyperactiveme 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.
Apr 8th, 2021 8:46 pm
Apr 8th, 2021 8:49 pm
Because I can pay it off faster. That's why I was trying to calculate the savings