Anyone have expertise with multi-source loan cost calculations?
I am facing a complex scenario where I have a low interest mortgage (4.025%) and a high interest 2nd mortgage (8.25%) for a smaller amount. I am thinking of refinancing them into a single mortgage that would be 4.5%. I think this will save me money, but I'm not entirely certain of my math here.
Lots and lots of loan calculators out there. None that deal with combining two mortgages of differing amounts for comparison.
Anyone out there with a clue about how to do the math properly for this? A reference to a calculator I missed would be great. A friend willing to help is also great. Even someone I have to pay for an hour of their time would be worth it to me.
