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Re: Which principal should we pay off first?

We are far from retirement. My husband and I are in our 30s. I'm a stay-at-home mom. We charge my mother $1200 a month, FMV is about $1400. Our mortgage payment is $1430/mo. So we pay over $200 out of pocket towards the mortgage. I don't know if that changes some of your responses which suggest we a...
by siebgal
Thu Mar 21, 2013 12:24 am
 
Forum: Personal Finance (Not Investing)
Topic: Which principal should we pay off first?
Replies: 17
Views: 1899

Avoiding Primary Mortgage Insurance

Not sure if this is the right forum: We are refinancing for $316k at 3.375 APR. We are required to pay primary mortgage insurance because our house appraised at $355k. To avoid this, we would have to reduce the amount of the loan to $289k, which is $32k out of savings. We do have this. My husband th...
by siebgal
Thu Mar 21, 2013 12:06 am
 
Forum: Personal Finance (Not Investing)
Topic: Avoiding Primary Mortgage Insurance
Replies: 18
Views: 1391

Re: Which principal should we pay off first?

We are including the loss in our taxes. So, what if we were to do a second refinance on the rental for a 15 yr fixed. This would theoretically cut our payments in half and we could still pay it down within the same timeline (less than 7 years) if we put all of the rental income toward the principal....
by siebgal
Tue Feb 05, 2013 2:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: Which principal should we pay off first?
Replies: 17
Views: 1899

Re: Which principal should we pay off first?

Also, she agrees to pay water and sewage. If we rented it at fair market value we would get about $1400 a month for, minus the cost of water and sewage. That would cost about $150 a month so we are probably only losing $100 to $200 a month.
by siebgal
Mon Feb 04, 2013 1:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: Which principal should we pay off first?
Replies: 17
Views: 1899

Re: Which principal should we pay off first?

Thank you for is your advice. I should add that my mother lives is in the rental and so the reason we charge so little to help her out while at the same time keeping a trustworthy tenant in on a consistent basis. We do eventually plan to sell the house but my mother has to have a plan for where she ...
by siebgal
Mon Feb 04, 2013 1:38 pm
 
Forum: Personal Finance (Not Investing)
Topic: Which principal should we pay off first?
Replies: 17
Views: 1899

Which principal should we pay off first?

We own two homes: We owe $90k on a rental with about 7 years left on the loan, 4.625% interest rate. It's currently occupied but we are getting $300/month less than market value in rent. Our primary residence has $315k and 28 years left,at 4.825%. We plan to be in this home for at least 8 more years...
by siebgal
Sun Feb 03, 2013 11:38 am
 
Forum: Personal Finance (Not Investing)
Topic: Which principal should we pay off first?
Replies: 17
Views: 1899

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