You're right-should not do math quickly in my head. But really, who cares?! The point remains the same: Paying a slightly more expensive 2nd position, in certain situations makes a lot more sense than a Refi (okay so he is paying back $28,000 even better).

PS-watch Travis MSG "you may qualify for my in-house funding" is code for "I'm a broker that is going to send your application to every Lender on the block! And if you would like something quasi asset based I can offer the WBL product!" And Travis, it is A-S-S-E-T based, not A-S-S-E-S based, although Asses based funding is something I'd love to see!