So we own a condo and are going to refinance. We plan to sell in 3-4 years. Our current balance is 143k at 4.25%
We basically have to options:
Option 1: straight refi
New rate would be 2.65 with a balance of 148k. We would get a check for 1200. We would save $140/mo on the payment.
Option 2: refi with 20k cash out used to pay off a student debt in full.
The new balance would be 171k at 2.65 and we would save $10/mo on the mortgage payment. We would also not have a student lain puke this of $180/mo.
It’s kind of a win-win but we are trying to think short vs long term. We plan to move back to California in those 3-4 years so having more cash on hand would be nice for a possible down payment, however for San Diego it would still on be 50% or so of what would need to be required.
On the flip side paying off my student loan would be really nice as well. My wife is going to school so I estimate when she is done she will have roughly 40k-ish in student loans herself.
What are your thoughts?
Submitted July 30, 2020 at 08:34PM by Waves619 https://ift.tt/30XMd2w
