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need help understanding a home equity loan

T

TechBoyJK

Lifer
my aunt said she might help me consolidate my cc and school debts with a home loan. I've got all my debt amounts together, and I want to kind of project what it would cost her per month to get a home equity loan, from like ditech.com or something similar. Trick is, I have to pay the monthly fee, but its at alot better percentage rate than some of the cc and school rates. Not only that, its one payment and hopefully as my career gets better, I can start paying it off quicker, etc. My aunt has enough cash that if I can't make a payment, she will cover it.

Anyways, say I need to borrow $60,000. Ditech has something like 5% rate. So, on a 15 year note, how exactly does that interest compound? Is it simply ($60,000/15years/12months) x 1.05 = monthly payment?

Any help is appreciated.

Thanks,

Jason
 
Don't use DiTech. Call mortgage lenders and credit unions in your area for better rates, fees, service, and loan programs.
 
If you do that then you better be damn sure not to use a CC for anything. From what i have seen of most people, the consolidate their debt then run it right back up. Then they are in BIG BIG trouble.
 
Originally posted by: Codewiz
If you do that then you better be damn sure not to use a CC for anything. From what i have seen of most people, the consolidate their debt then run it right back up. Then they are in BIG BIG trouble.
Click to expand...

BINGO!

 
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