help on interest rates for the math-challenged

[Cruelladeville]

As the rates for DVC loans keep changing, and there are cheaper rates in the market-place right now, I would like to be able to plug in an interest rate for a specific period of time and find out how much interest I am paying with a loan for 11% versus one for 8% (a credit card). I know there are programs out there for those of us who are math/computer challenged, but I can't find them. I tried Quicken, but can't find what I need in order to find out how much I will save if I pay off my DVC loan, and put it on my credit card instead. I will save money, but exactly how much? Does anyone know of an easy to use site that will tell me what I need to know??

 

[CGregoryJr]

This site should be of help. Good luck to you.

www.bankrate.com/brm/rate/calc_home.asp

 

[gazeborob]

One thing to consider is that you can deduct the interest from a DVC contract bucause it is a mortgage. You can't deduct the interest from a credit card.

Rob

 

[piranha66]

We just moved over our remaining balance to our home equity loan. Only 5%! You also get to write the home equity loan off on your taxes.

 

[Cruelladeville]

CGregory,
Thank you for the calculator, which worked great! Even I could figure out how to use it, and I'm thrilled to find out that refinancing on the credit card will either cut my payments in half, or it will cut the amount of time that I pay on the loan. I haven't yet decided whether to cut the time of the loan, or the monthly payments. Thanks to everyone for mentioning that I couldn't claim the interest on the credit card for DVC. I have to go back to the calculator to figure out my tax benefit for claiming DVC--that calculator is neat!!