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re: 5yr. Balloon Loan w/ 10yr. Amort. (Any hidden things I should worry about?)
Posted on 8/22/16 at 3:11 pm to baldona
Posted on 8/22/16 at 3:11 pm to baldona
quote:
I don't really understand what you are doing here then, why are you trying to transfer student loans into a personal loan?
I refinanced my wife's med school and my MBA from 6.8% to 4.25%. I consolidated everything into one monthly payment.
Based on some quick math, $210,000 of student loan debt in a typical ten year or twenty year student loan at 6.8% would result in interest payments of either $80,000 or $174,000. Going the balloon route, I am looking at somewhere around $22,000-$25,500 in interest.
nd yes, we have an "in" with a local bank. I can get prime + a point basically.
Does that help clear it up?
This post was edited on 8/22/16 at 3:27 pm
1
Posted on 8/22/16 at 3:35 pm to TheWiz
Yeah I forgot graduate loans were at higher rates. All the rates I'd seen were mid 3-5% so I was surprised a personal loan would be able to beat. Makes more sense now.
Yeah I mean if you are able to lower your rates by doing a balloon then by all means do it.
I'd certainly make sure you have an "out" in year 5 to refinance if you need to do so.
Yeah I mean if you are able to lower your rates by doing a balloon then by all means do it.
I'd certainly make sure you have an "out" in year 5 to refinance if you need to do so.
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