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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...

Balances:

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.

Thanks,
Rob
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