Brownsfan2k5
Full Member
Cash: $ 20.90
Posts: 93
Joined: 27 Feb 2013
Location: Military
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| Help for friend |
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Asking advice for friend:
So, between 2 high interest cards each over 19% weve got $9000 balance. Plus Ive got about $4700 on the bike loan all of which needs to go. And, I think I need a secondary home furnace which I'm guessing at 5k. I can get a 25K home equity loan at 6.6% but if that's all I do and I pay off those 3 debts with the line I will have 5k left. The line has a 10 year draw down, interest only, and a 20 year payback period. If I do the home equity 25K and just spemd 10k on it for the bike and the furnace, got 15k left on the line. The interest only payment on that is no more than 70 per month. Then, the bank offers a 60 month term loan at 15% for the two cards ($9000). Payment on that is 217.52. Toatal monthly on both is 287.52. But could do the 0% deal for 18 months but if want to take full advantage of that, its 500 per month plus you have whatever your line payment is. Hop makes sense, All thoughts very much appreciated.
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