Mortgage Interest again

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  • skhyatt
    Senior Member
    • Feb 2006
    • 295
    #1

    Mortgage Interest again

    Another Mortgage Interest question. I know this subject has been talked about many times. Let's say TP has a mortgage for $150K. Refinances that mortgage and rolls the closing costs into the new loan. Let's say the new mortgage now has a new balance of $155K. Is the additional 5K considered equity debt?
    Tags: None
    • veritas
      Senior Member
      • Dec 2005
      • 3290
      #2
      You are correct

      The original debt is 150K. Anything above that is equity debt subject to the 100k limit.

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        • skhyatt
          Senior Member
          • Feb 2006
          • 295
          #3
          Thanks Veritas

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