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I currently have a 30 year fixed rate 5.875% loan, balance $262,000, with 25 years remaining on the loan. I've been thinking about refinancing to a 15 year fixed, currently at 4.5% with $3000 in fees. But I also have a home equity line, on which I owe $50,000. One mortgage broker said the home equity line has been sold, and in order to refinance I will have to find the buyer and get their agreement to be subordinate, or second line, behind the new fixed rate mortgage. He said that would be complicated. I would like to know how much extra/month I would have to pay on my original loan, in order to pay it off in 15 years, without going through the supposed hassle of finding the new owner of my home equity loan.

jveenstra · Posted: Thu Oct 22, 2009 2:12 pm Post subject: Pay Off

To pay off a $262,000 mortgage at 5.875% in 15 years, pay monthly principal and interest payment of $2,193.25.

I do not know how much extra that is over your present monthly principal and interest payment because I do not know what balance your mortgage started at, so, I can not compute it.

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