Posts Tagged "vehicle loan"

Refinancing your home Part 2: An Example

Posted by Preet on Jul 27, 2007 | 2 comments

Okay let’s show how an actual couple ended up freeing $915.80/month by refinancing their home. I’ve rounded the numbers, but they are from a real life scenario. We’ll begin with a snapshot of what their financial situation was BEFORE: Home Value: $250,000 Mortgage: $150,000 balance, 20 years left, 6% interest rate = $1,070 Monthly Payment Credit Card Debt: $10,000 balance, 18.8% interest rate = $500 Monthly Payment Vehicle Loan: $26,000 balance, 8% interest rate = $500 Monthly Payment Department Store Charge Cards: $5,000 balance, 28.8% interest rate = $250 Monthly Payment In this case, they have a total debt obligation of $191,000 and total...