[Calc Review] Help me analyze this deal
*This link comes directly from our calculators, based on information input by the member who posted.
We have $225K in open Line of Credit at 3.875% ready to use to purchase a property. I can't figure out how to use the calculator to show that we are purchasing it with Cash (from the Line of Credit) and then refinancing in 18 months. If I select Cash for Initial Purchase, then the ability to show the interest per month goes away. If I select the other option, I can't put "100% down" to show the cash purchase with the Line of Credit, but I can put interest in.
So I think my numbers are WAY off! Using the Rent calculator for the Purchase and then doing a new Rent Calculator seems to be the only option to get good numbers
What do you think? There have got to be other investors using Lines of Credit to purchase properties, then refi-ing them later. Wish they would address this in the calculator!
Thank you for your help- Mary