Okay, so I finally got off my butt and checked out the link that svferris provided. I see now that you first convert your conventional mortgage to a HELOC.
I ran the simulator and the thing that stuck out to me (beyond the dubious claim of projected savings) was the full 1-percent increase in the interest rate that will be applied to my effective mortgage. Brilliant! Let’s pay more interest. That should help me pay off my house sooner! STU-PID.
…and svferris, I’m not knocking you for providing the link. I know you where just trying to be helpful.
