Which one to pay of first or to prepay on all of them equally
I have 3 loans against my house, when I bought my house for 145K 3 years ago I had a 80/15/5 loan (to avoid PMI). And 2 years ago I got a HELC for 15K
Loans – (current balances) [monthly payment]
#1 – 116K (112K) @ 6% fixed for 30 years [$ 836]
#2 – 21,750 (19,860) @ 6.75% fixed for 30 years [$ 165]
#3 – 15K (14500) 4.25% adjustable for 20 years
My monthly payments for #1&2, including taxes are $ 1001. (I prepay my insurance) payment for # 3 varies but is $ 215 per month right now.
I CANNOT refinance, I have tried for 3 months now, with different companies, the numbers don’t make sense, and there is too much cost for it to help me.
I dont live in the property; it is a rented for $ 1050 per month.
I dont have any plans to sell it.
maybe i will try to refi or sell in a year
If you know of an online calculator where is can put in all of my figures and do it myself, i looked but coulnt find one.
I bought my first home about 8 months ago. I had no down payment and ended up getting two separate loans.
The first was $ 114,000 @ 6.75% 30 year fixed.
The second was for $ 38,000 @ 9.436% 15 year balloon.
Monthly payment on the first is: $ 1014.12
Monthly payment on the second is: $ 316.05
I can pay this. Its far from ideal but I’m paying only slightly more per month than I would for an apartment. I thought I might be able to refinance before too long but then too many people making $ 35K bought $ 350K houses and I’m thinking the chances of my doing that right now are slim especially since I’ve paid down next to no principle at this point.
Let’s leave the atrocious 9+% one alone for a minute. I know there are insurance fees and real estate taxes built into mortgage payments but I’m plugging $ 114K and 6.5% over 30 years into the generic calculators online and not getting anywhere near what I’m paying. Any help?
Was supposed to be 6.75% used for calculations…typo.
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Does anyone know of a mortgage lender that
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Why won’t “home owners” that couldn’t afford the
Pay off the highest rate first by paying some extra each month. Right now that’s #2. If #3 becomes the highest due to a rate change then start adding some extra to #3′s monthly payment. If you get rid of #2 and #3 you will have positive cash flow (monthly income exceeding monthly payments).
You should always have a mortgage on a rental property. If you don’t, all of the income is taxed as regular income just like your paycheck. The mortgage payments will offset some (or all) of the rental income and can be used to create tax free income through refinancing.
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LikeDislikethe only way you will reduce the overall payment is if you get a 30 yr loan for 143k (all) for probably 6% or less, which I think is unlikely at this time – the value of the house may be less than the balance of the loans which is why you haven’t been able to get refinanced – house prices have dropped 20+% in a lot of areas in the last 2 yrs – why did you keep pulling equity out of the property? if you stayed with the just the original mortgages, you’d probably have positive cash flow
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LikeDislikeyou’ll pay over 365 k for that loan over 30 years. what’s to get?
1014 x 12 x 30
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LikeDislikeYes, your problem is those taxes and insurance payments. In order to accurately figure out what your payments would be, you have to know what you pay for those so you can add it to the payment that’s coming up on the online calculator.
There is a way to estimate it. Figure out what your current principle & interest payment is, based on your current interest rate (using that online calculator), then subtract that amount from your actual payment. That “leftover” amount should be what you’re paying each month for taxes and insurance. Then when you go to the online mortgage calculator with the new interest rate, add your “leftover” number to the number you get from the calculator, and that should be your “new” payment, more or less.
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LikeDislikeyou should be able to refinace by now, you only have to wait 6 months i believe, if you have been on time with your payments you should be O.K…You should consult a Real Estate Agent
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LikeDislikeSeat thigh, and wait 2 years , then do the refinance, the market is so crap , (thanks to Mr Bush) that probably your equity is gone. At least you are not alone, the whole country is in the same situation.
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LikeDislikeDo you know how god-awful high insurance and taxes are in your county? And they usually keep a smidge extra just in case. And that doesn’t even count the PMI.
Your payment sounds about right to me. Check with your lender.
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LikeDislikeI get 739.40 for principal and interest. That would make the taxes and insurance about 274.72. Does that sound about right?
I don’t know why you would be using 6.5 as the rate if it is 6.75.
You are right. It would cost too much to refinance at this point even if you could. It would be years before you would actually be saving money.
I would focus on paying down the 2nd. The rate on the 1st is not that bad. If you add abut $ 80/month to the payments on the 2nd, you will pay it off in 15 years. If you could pay $ 500/month on it, you could pay it off in less than 10 years.
I hope this helps.
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