CNN/Money has an article which instructs you how to calculate your blended mortgage rate.
I found this rather interesting. I got a figure of 6.0% from a mortgage at 5.75% and a HELOC at 7.18%. If I wanted to refinance, I’d probably have a tough time finding a loan for that price without incurring lots of points and closing costs. I think I’ll sit tight and forget about refinancing as I watch interest rates climb higher and higher.
I highly recommend their method though. It punches into a spreadsheet very easily. My numbers are not down to the tiniest penny, but in the rough thousands. I think it’s good know what your balances are roughly so that you can make quick calculations on the fly with a minimum of research.
EDIT: Dammit. Republishing because I don’t know AM from PM apparently.
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Must have been a blogger issue because the same thing (AM vs PM) happened to me this morning.
No. It really was me. This post was a draft I did last week and it was done at 2PM. I changed everything but the AM/PM part.