11-12-2012, 10:40 PM
yes, I think only the interest, the amount should be the same, so no 1099-C I believe.
So you have a 54k at 6.125% and 28K at ???%
http://www.drcalculator.com/mortgage/
for the 54k at 6.125% with 25 years left you would be paying around $352. total payments would be $105.6k assuming you stay there 25 years from now on
if you go with a new loan for 30 years, at 4.125%, your new payment would be $261 and total payments (if you stay there 30 years) would be $94.2k
I would refinance.
On the other hand, see if they give you an even better rate for 20 years, maybe a 3.5% for 20 years, and then you would pay $313/month (LESS THAN WHAt YOU PAY NOW) and total ymanets would be $75.2k.
heck, even if you taje the 4.125% offer but pay faster (in 20 years) would would pay $330 (STIll LESS THAN WHAT YOU PAY NOW AND YOU FINISH 5 YEASh FASTER) and total payments would be 79.3k.
Play with that calculator and analyze different scenarios. balance monthly payment with total payments. How lond do you plan to stay there?
Also, what about the 28k HELOC, is that also with chase and part of the offer?
sorry for those Caps, I wanted to emphasize the key facts
So you have a 54k at 6.125% and 28K at ???%
http://www.drcalculator.com/mortgage/
for the 54k at 6.125% with 25 years left you would be paying around $352. total payments would be $105.6k assuming you stay there 25 years from now on
if you go with a new loan for 30 years, at 4.125%, your new payment would be $261 and total payments (if you stay there 30 years) would be $94.2k
I would refinance.
On the other hand, see if they give you an even better rate for 20 years, maybe a 3.5% for 20 years, and then you would pay $313/month (LESS THAN WHAt YOU PAY NOW) and total ymanets would be $75.2k.
heck, even if you taje the 4.125% offer but pay faster (in 20 years) would would pay $330 (STIll LESS THAN WHAT YOU PAY NOW AND YOU FINISH 5 YEASh FASTER) and total payments would be 79.3k.
Play with that calculator and analyze different scenarios. balance monthly payment with total payments. How lond do you plan to stay there?
Also, what about the 28k HELOC, is that also with chase and part of the offer?
sorry for those Caps, I wanted to emphasize the key facts