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  1. 03-22-2008, 01:39 AM #1
    gogreen2000
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    Default Cash Out during Refinance for Kids College Fund?

    We are refinancing a 6.75% 30-year loan to a 5.125% 15-year loan.

    We owe $118,000 on our home. The house will appraise for at least $175K. (Hopefully, $190,000). My wife and I would like to take "Cash Out" on a new $140K loan. The cash will pay off most of our childrens Florida PrePaid College in a lump sum. The total lump sum payment is $29,328.

    If we pay for the college in 55 monthly payments ($32,451), we will pay $3,123 in interest.

    How much extra interest we will pay if the loan is $140K vs. $118K?

    Thanks
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  2. 03-22-2008, 10:44 AM #2
    mombottoo
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    Here's a link that you may find usefull

    http://www.powerofinterest.com/free/...ortization.htm
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