Home equity loan help?! Anyone financial!?
Okay I know that without specific numbers no one can really answer this question. But I just want to know how much more a monthly mortgage payment will be if a home equity loan is taken out for home repairs. Here is what I know so far: The house is appraised for 208,000. I dont know what the original down payment was or how much the original mortgage was for but I’m just going to guess 188,000. There have been 60 monthly payments of 1400 per month on I am assuming a 30 year loan. I don’t know what the interest rate was, but they want to take out a home equity loan of 18,000 to 28,000 for home improvements. If anyone can help me figure out approximately how much more the monthly mortgage payments would be that would be great. You can email me if you need any more info that can help.