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Old 06-16-2018, 02:05 PM
 
2 posts, read 1,239 times
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I had been planning to refi my home equity line of credit into a 10- or 15-year fixed, but with new tax rules can no longer itemize, so am not sure it's worth the cost. Will likely be in the house a few more years. HELOC is $100K, currently at 3.74%; home value is ~$400K. No other liens. I'm self-employed and have excellent credit. Should I do it?

Last edited by schloss; 06-16-2018 at 02:14 PM..
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Old 06-16-2018, 06:23 PM
 
Location: Phoenix, AZ
2,813 posts, read 1,321,125 times
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I wouldn't. I doubt that you will get better than 3.74% interest rates. At least not enough to make it worthwhile. The lenders will nickel and dime you to death and all the interest you've paid to date got wasted when you start a new loan.


If you pay $1000 per month, you get your loan paid off in 10 years and you only spend $20,000 in interest over that 10 year period.


Then your house will be owned free and clear and (I'm here to tell you) there is nothing better than not having home loan payments. My house has been free and clear since I bought it for cash almost 20 years ago.


You can use this amortization calculator and play around with other figures.


Mortgage/Loan Calculator with Amortization Schedule
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Old 06-18-2018, 06:42 AM
 
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Thanks. The HELOC rate is adjustable . . . and going up, little by little, every month.
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Old 06-18-2018, 11:26 AM
 
95 posts, read 57,671 times
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Quote:
Originally Posted by schloss View Post
I had been planning to refi my home equity line of credit into a 10- or 15-year fixed, but with new tax rules can no longer itemize, so am not sure it's worth the cost. Will likely be in the house a few more years. HELOC is $100K, currently at 3.74%; home value is ~$400K. No other liens. I'm self-employed and have excellent credit. Should I do it?
Wonder why this tax was seen as a good thing to pass?
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