6 Comments

1. El Conqistador says:
   September 13, 2010 at 6:19 pm

   Yes, you should combine them, that way you only have to make one payment, plus then the entire amount essentially becomes the home loan (the bigger number) and you can take all the interest off of your taxes.
2. Judy says:
   September 13, 2010 at 7:15 pm

   You will have to pay to do this.
   Would doing this be worth an extra 1,000 dollars?
   You could just put that money towards the principal of your car payment.
   /
3. timothy p says:
   September 13, 2010 at 7:24 pm

   So you are wanting to use the equity in your house to pay off the car loan?

   It will have the advantage of being able to write off the interest and probably give you a much lower rate. It may also simplify your monthly bills.

   It will have the disadvantages of putting your home at further risk in the event you aren’t able to pay. Any money you save on your interest rate will likely be lost due to the extended term that usually comes with home loans(5 years vs 25 years).
4. bdancer222 says:
   September 13, 2010 at 7:26 pm

   Very bad idea. You are basically refianncing your home and adding the car loan. You are putting your home at risk for a depreciating asset. This is just as bad as adding unsecured credit card debt to your home mortgage.

   Besides the cost of refinancing, you won’t be saving any money on interest in the long run. The rate on the mortgage may be lower than the car loan, but you are stringing out repayment for a much longer period resulting in paying a lot more interest. You will still be paying off that added car loan when the car is rusting away in the junkyard.

   What is the big deal about making two payments, one for the car and one for the mortgage. I do not see this as ANY kind of incentive. It is very easy to set up auto payments thru your bank’s online billpay.
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