The Motley Fool Discussion Boards

Previous Page

Personal Finances / Credit Cards and Consumer Debt


Subject:  Effective rate of Home Equity line... Date:  11/2/2000  3:24 PM
Author:  robb262 Number:  48586 of 312572

Someone posted a formula a while back for calculating the effective rate of a home equity line factoring in the tax deduction. Can someone point me to the post or give me the formula? I have a home equity line at 9.25% which I can deduct the interest on. I also have a personal loan at 8.25% and was considering transferring the personal loan balance to the equity line...


HEQ: $64,252.75 (currently paying $1000.00/mo)
Personal: $11,686.41 (currently paying $244.00/mo)

Of course I would add the $244.00 to the $1000.00 if I do the transfer...

This is my only debt.

Copyright 1996-2019 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us