<p>Calmom–excellent point about the open-endedness of a heloc vs. a loan with a pre-determined amortization rate. I hadn’t thought of that. I am pretty disciplined at this stuff and will definitely do the math when the time comes to see which is a better deal.</p>
<p>The beauty of an open-ended heloc, though, is that if for some reason money does get tight, we only have to pay the interest, giving us flexibility where as with a fixed payment loan, we would be forced to pay the whole monthly payment.</p>