I actually did this a couple years back—rolled about $8k into my refi. The lower payment was nice, but when I looked at the total interest over 30 years, it was kind of a gut punch. Ended up making extra payments just to kill that part off faster. Has anyone tried a shorter-term refi to avoid dragging out the debt? Wonder if that’s a better middle ground.
I went with a 15-year refi when I rolled in some old debt, and honestly, it felt like a decent compromise. The payment was higher than a 30-year, but the interest savings were huge. It stung a bit at first, but seeing the balance drop faster was pretty motivating. If you can swing the payment, I think it’s worth considering—just gotta watch out for closing costs and make sure you’re not stretching your budget too thin.
I went with a 15-year refi when I rolled in some old debt, and honestly, it felt like a decent compromise. The payment was higher than a 30-year, but the interest savings were huge.
That’s a solid point about watching the budget—rolling debt into a 15-year refi can really speed things up, but that higher payment isn’t for everyone. You mentioned closing costs, which people sometimes overlook. Did you find the upfront fees manageable, or did they eat into your interest savings at all? Curious if you compared a cash-out refi to something like a HELOC before deciding.
Rolling Credit Cards Into A New Mortgage: Worth It?
rolling debt into a 15-year refi can really speed things up, but that higher payment isn’t for everyone. You mentioned closing costs, which people sometimes overlook.
You nailed it—closing costs are the sneaky part of any refi. When I did mine, the fees weren’t insignificant, but I ran the numbers and found that even with a few grand upfront, the interest savings over 15 years dwarfed what I would’ve paid dragging out credit card debt. Still, if you’re tight on cash flow, those costs can sting.
I actually looked at a HELOC first, but the variable rate made me nervous. Sure, it’s flexible, but rates can jump and suddenly you’re paying more than you bargained for. With the refi, at least I knew exactly what my payment would be every month. Plus, rolling everything into one payment just made life simpler.
Not saying it’s a slam dunk for everyone—if you’re not disciplined about not racking up new card debt, you could end up worse off. But if you’re determined to get out from under high-interest stuff, the 15-year refi route can be a game changer. Just gotta be honest with yourself about spending habits and budget wiggle room.
That’s a good point about needing discipline after the refi—temptation to use those “freed up” credit cards is real. Did you factor in how long you’d stay in the house when you decided? I always wonder if it’s worth it if you might move before breaking even on closing costs.
