Bud is offering a house for sale for $200,000 with an assumable loan which was made 5 years ago for $140,000 at 8.75% over 30 years. The balance of this loan is $133,964.54. Kelsey is interested in buying the property and can make a $20,000 down payment. A second mortgage can be obtained for the difference at 12.5% for 25 years. What is the effective cost of the combined loans, if Kelsey would like to compare this financing alternative to obtaining a first mortgage for the full amount?