I want to take some stress off my wife's shoulders. She owes $40,000 @ 8% interest in student loans and I have a $25,000 car loan @ 3.5% 465/ month. We have zero credit card debt and are overall good with our money.
We own our home with a remaining balance of $120,000 @ 3.875% interest, 21 years left paying $1003/ month. The market value of our home sits at $280,000.
I can take $65,000 cash out refinance @ 2.65% bringing the balance back up to $185,000 with a payment of $1,490. I will use the $65,000 to pay off the student loans and car loan.
Is this a bad idea? or would it be wise to leave things the way they are?
Submitted November 24, 2020 at 02:25AM by alonejog https://ift.tt/3nRghqf
