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Reply to "Feeling nervous about HELOC loan amount - Advice?"
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[quote=Anonymous][quote=Anonymous]OP here - not under water but erring on the side of caution for the future when interest rates will inevitably go up. I think the idea of paying down the HELOC principle as much as possible now, with the rate at 3.5% is the right way to go as I'm guessing an enlarged jumbo loan at even a point higher would make the monthly payment higher than what we'd want to pay. We're trying to figure out whether we should use the $1k/month that will be freed up in a few months (once our daughter is out of daycare) to pay down the HELOC that much per month or rather just put that money into savings. [/quote] I think that's what I'd do. With the additional 1K per month, how much - total- would you be paying on the 140K each month? Just trying to get a feel for how quickly you can knock that down..[/quote]
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