Well, my original loan was an 80/20 set up. 260,000 on a 7/1 ARM and 65,000 on a HELOC. I am currently refinancing the HELOC into a 30/15 fixed rate laon. All said, at the beginning my total loan amount was 325,000. After a year of payments on the big mortgage and the closing costs involved in this refi, my total amount of debt will be approximately 322000.
So, from what I can tell, all interest should be deductible, yes?