| | | | | | | 1st Lien - $376K HELOC - Key Bank | 1st Lien - $376K HELOC - Key Bank | 1st Lien - $376K HELOC - Key Bank |
| | | | | Loan(s): | | / | / | / | Property Value / Total Loan Amount: | $375,000 / $0 | $470,000 / $300,000 | $470,000 / $300,000 | $470,000 / $300,000 | Remaining Term: | | 360 / 360 | 360 / 360 | 360 / 360 | Interest Rate: | | 0.000% / 5.000% | 0.000% / 5.000% | 0.000% / 5.000% | APR: | | 0.000% / 5.000% | 0.000% / 5.000% | 0.000% / 5.000% |
| | | | | Minimum Monthly Payment: | $1,750 | $1,639 | $1,639 | $1,639 |
| | | | | Assumed Payments*: | $1,750 | $1,639 | $1,639 | $1,639 | Interest Payments After 0 Years: | $0 | $0 | $0 | $0 | Principal Payments After 0 Years: | $0 | $0 | $0 | $0 | Total Payments After 0 Years: | $0 | $0 | $0 | $0 | Mortgage Balance After 0 Years: | $0 | $300,000 | $300,000 | $300,000 | Interest as % of Total Payments | 0% | 0% | 0% | 0% |
* payments may include lump sum or variable payments not reflected in the Assumed Payment, please check with your advisor for detailed payment assumptions
Key Numbers
| | | | | Cash At Closing: | | ($178,625) | ($178,625) | ($178,625) | Monthly Payment Change: | | $589 | $589 | $589 | Break Even in Months: | | 43 | 40 | 40 | Wealth Impact Over 0 Years: | $0 | ($103,625) | ($103,625) | ($103,625) | Debt Free in Months: | | 1 | 1 | 1 |
This Flyer and Rates were created on March 29, 2024.
Monthly Payment Impact – Does This Make Sense Monthly? | | | | | | | 1st Lien - $376K HELOC - Key Bank | 1st Lien - $376K HELOC - Key Bank | 1st Lien - $376K HELOC - Key Bank | After Tax Rate Comparison | | Total Borrowing: | $0 | $300,000 | $300,000 | $300,000 | | After Tax Rate: | 0.000% | 3.500% | 3.500% | 3.500% | | Rate Difference: | | 3.500% | 3.500% | 3.500% | Payment Comparison | | Interest Payment: | $0 | $1,250 | $1,250 | $1,250 | + | Principal Payment: | $0 | $0 | $0 | $0 | + | Taxes: | $0 | $344 | $344 | $344 | + | Insurance: | $0 | $45 | $45 | $45 | + | HOA/Rent/Other: | $1,750 | $0 | $0 | $0 | = | Net Payment: | $1,750 | $1,639 | $1,639 | $1,639 | - | Tax Savings: | $0 | $478 | $478 | $478 | = | After-Tax Net Payment: | $1,750 | $1,161 | $1,161 | $1,161 | Payment Difference: | | $589 | $589 | $589 |
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Minimum Payments Over Time
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Wealth Impact After 0 Years – Does This Make Sense Over Time?Property Appreciation Rate: 3 % / After-Tax Savings Rate: 4 % | | | | | | | 1st Lien - $376K HELOC - Key Bank | 1st Lien - $376K HELOC - Key Bank | 1st Lien - $376K HELOC - Key Bank | Minimum Payments: | $1,750 | $1,639 | $1,639 | $1,639 | Additional Payments: | | + $307 Monthly + $106 Monthly
| + $56275 One Time + $44 Monthly
| + $64155 One Time
| | Annual Comparison | | Payments: | $0 | $0 | $0 | $0 | | | House Value: | $0 | $375,000 | $375,000 | $375,000 | - | Mortgage Liabilities: | $0 | $300,000 | $300,000 | $300,000 | = | Equity: | $0 | $75,000 | $75,000 | $75,000 | | Cash Needed To Close | | $178,625 | $178,625 | $178,625 | | Equity - Payments - Cash To Close + Tax Savings = | $0 | ($103,625) | ($103,625) | ($103,625) | Wealth Impact: | $0 | ($103,625) | ($103,625) | ($103,625) | Months to Debt Free: | | 1 | 1 | 1 |
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Wealth Impact Over Time
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