16 . On March 1 , Paige took advantage of low interest rates and refinanced her $ 75, 000 home* mortgage with her original lender . The new home loan is for 15 years . She paid $ 215 in closing costs and $1, 500 in discount points ( prepaid interest ; to obtain the loan . The house is worth $155, 000 , and Paige's basis in the house is $90 , 000 . As part of the refinancing arrangement , She also obtained a $10 , 000 home - equity loan . She used the proceeds from the home - equity loan to reduce the balance due on her credit cards . Paige received several Form 1098 Statements from her bank for interest paid by her in 2012 . Details appear below . ( SEE also* ` on page 3 . ) Primary home mortgage* $7, 100 HOME - Equity loan 4.35 Credit cards 490 Car loan 390