msmama
DIS Veteran
- Joined
- Jan 21, 2009
- Messages
- 3,625
Hey all,
Does anyone know of a good mortgage/refinance calculator online? Or a good book? Or even what kind of person I could ask for help?
Here's the situation in a nutshell (a big nutshell):
DH and I are divorcing. The only debt we have his the house and we have a regular mortgage and a home equity line of credit (which we used to buy the house).
I could pay off the LOC and keep the house (obviously lowering the payments) but it'd still stretch the budget every month (I'd be okay, but wouldn't be putting much in savings).
Could do the above and re-fi but with closing costs, I'm not sure if it'd lower it much more. I'd need to know how long I'd have to stay in the house to make it worthwhile financially.
We could sell the house and buy new (or rent, but I'm not fond of that) but again, because of the area in which I live (a lot of the same houses) I'm not sure that I'd find one that would cost significanly less (the ones that would cost less might need more work).
Basically, I need a way to reliably crunch all of those numbers. I need step by step instructions (or someone to do it for me).
Can anybody suggest any resources? Thanks!
Does anyone know of a good mortgage/refinance calculator online? Or a good book? Or even what kind of person I could ask for help?
Here's the situation in a nutshell (a big nutshell):
DH and I are divorcing. The only debt we have his the house and we have a regular mortgage and a home equity line of credit (which we used to buy the house).
I could pay off the LOC and keep the house (obviously lowering the payments) but it'd still stretch the budget every month (I'd be okay, but wouldn't be putting much in savings).
Could do the above and re-fi but with closing costs, I'm not sure if it'd lower it much more. I'd need to know how long I'd have to stay in the house to make it worthwhile financially.
We could sell the house and buy new (or rent, but I'm not fond of that) but again, because of the area in which I live (a lot of the same houses) I'm not sure that I'd find one that would cost significanly less (the ones that would cost less might need more work).
Basically, I need a way to reliably crunch all of those numbers. I need step by step instructions (or someone to do it for me).
Can anybody suggest any resources? Thanks!
