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Interest calculation please I have the following three debts I am looking to consolidate:
1. $155,476.28 on a mortgage at 3.99% interest with a maturity date of 1/1/2033, so about 222 payments left. (18.5 years)
2. $22,368.74 on a second mortgage at 8.5% interest with a maturity date of 9/1/2012 about 219 payments left.
3. $10,000 on a credit card at 6.9% interest with about 46 payments left (nearly 4 years)
***********Please tell me if I can save in interest, and *how much* the interest savings would be if I took this consolidation option:
Refinance loan with cash out of $194,546 15 year term, 180 payments, 3.5% interest
It looks like my monthly payments would be similar. For 1,2,3 I pay $1450 a month, and the new payment would apparently be about $1475 with mortgage insurance. Does that all sound right?