Income:
- Wife - Salary ~$75,000
- Me – Hourly ~$80,000
Debts:
- Mortgage @ 3.625% with 3.5% down payment
- Original Purchase Amount $256,000
- Current Loan Amount $221,000
- Appraisal district appraised it at $275,000
- Monthly payment is $2048
- No other loans
Assets:
- Paid off - 2011 Nissan Altima with 90k miles worth ~$4000
- Paid off - 2014 Ford F150 with 70k miles worth ~$20,000
Retirement:
- Wife: 401k – 5% contribution with no matching
- Me: Pension - and a Roth $200 each paycheck
Credit Cards:
- No balance (we use them for points and pay them off weekly)
Bank details:
- ~$25,000 in savings and slowly growing every paycheck
- ~$5,000 in checking
Life details:
- Both in early 30s
- Paid off all student loans
- My wife is going back to school which will slightly increase her pay while reducing her work load from 5 days a week to 3. Estimated cost of ~$6,000
- She is pregnant and due in 2 months. Estimated cost of $∞2
- We both have credit scores above 800 and probably don’t take advantage of “good” credit cards
Questions:
- Any advice on credit cards? We have good credit scores with credit cards we both got when we were 18-20
- I have $25k sitting in a savings account. I know it isn’t a ton of money but should I move some of it into some kind of market account?
- Should I reappraise and put some money into my mortgage to knock off the PMI?
- Looking at our financial picture, any other advice?
Submitted April 05, 2018 at 06:20AM by woodworkingpolice https://ift.tt/2Jk1eCc
