本文发表在 rolia.net 枫下论坛Here is now I saved over $6000:
my old morgage:
247k 6% 5 years. (too high for now, signed it two years ago, not expecting rate will keep going down. but 6% is a VERY good rate 2 years ago.)
After 2 years, the priciple goes down to 238k now.
if I cancel it, the panelty will be $10100.00 !!!
it is calculated out from rate difference.
Here is the trick how I save money:
I pay down around 20% (not exactly 20%, I paid down a little less.) of 247k without penalty.
48K from credit line. I will pay it back from my new mortgage in several days.
then the cancelation penalty dropped to less than $8000, because the principle goes down to 190k
Now I own the bank:
190k in mortgage
48k in credit line
total debt: still 238k
Got a new mortgage 238k 3 year 5.1% with 8500 cash back.
190k of this new morgage goes to the old mortgage
48k goes to the credit line.
$8000 goes to the penalty.
Now my debt: 238k only in the new mortgage.
the 48k in credit line is paid back with the new mortgage.
I just use the credit line for transaction to save 20% penalty.
now the new mortgage 238k 3 years 5.1%
So, I saved 6% - 5.1% = 0.9% * 238k for the next 3 years!!!
that is over $6000.00 !!
if you convert the 0.9% to APR, it will be less , so the total saving will be ...???
some smart guy can help me to calculate it? hehe更多精彩文章及讨论,请光临枫下论坛 rolia.net
my old morgage:
247k 6% 5 years. (too high for now, signed it two years ago, not expecting rate will keep going down. but 6% is a VERY good rate 2 years ago.)
After 2 years, the priciple goes down to 238k now.
if I cancel it, the panelty will be $10100.00 !!!
it is calculated out from rate difference.
Here is the trick how I save money:
I pay down around 20% (not exactly 20%, I paid down a little less.) of 247k without penalty.
48K from credit line. I will pay it back from my new mortgage in several days.
then the cancelation penalty dropped to less than $8000, because the principle goes down to 190k
Now I own the bank:
190k in mortgage
48k in credit line
total debt: still 238k
Got a new mortgage 238k 3 year 5.1% with 8500 cash back.
190k of this new morgage goes to the old mortgage
48k goes to the credit line.
$8000 goes to the penalty.
Now my debt: 238k only in the new mortgage.
the 48k in credit line is paid back with the new mortgage.
I just use the credit line for transaction to save 20% penalty.
now the new mortgage 238k 3 years 5.1%
So, I saved 6% - 5.1% = 0.9% * 238k for the next 3 years!!!
that is over $6000.00 !!
if you convert the 0.9% to APR, it will be less , so the total saving will be ...???
some smart guy can help me to calculate it? hehe更多精彩文章及讨论,请光临枫下论坛 rolia.net