Search found 13 matches

by raamakoti
Wed Aug 16, 2017 6:40 pm
Forum: Personal Finance (Not Investing)
Topic: 30 Year @ 3.875
Replies: 5
Views: 889

30 Year @ 3.875

I am getting 30 year @3.875% interest for 425k mortgage with 20% down payment and 340k loan.
Is it a good rate to lock it at present or should I expect lower rates?
Thanks for your help
by raamakoti
Fri Aug 11, 2017 5:43 pm
Forum: Personal Finance (Not Investing)
Topic: $50k loan from 401k for house
Replies: 21
Views: 1479

Re: $50k loan from 401k for house

Thank you for all the replies. I was considering because the interest would be going to my 401k instead of bank. But I see the point to loosing compounding effect. If we have 8 years of bull market I will regret the decision, if the market went south in next 3 - 4 years after a remarkable bull run s...
by raamakoti
Fri Aug 11, 2017 2:37 pm
Forum: Personal Finance (Not Investing)
Topic: $50k loan from 401k for house
Replies: 21
Views: 1479

$50k loan from 401k for house

I have $200k in my 401k and we are in the process of closing a 424k house with 340k mortgage. We don't need the money to pay for the down payment. The crazy thought we have is should we each take 50k from our 401ks and knock that mortgage by and then pay that interest ourselves? Is 50k limit per hou...
by raamakoti
Fri Aug 11, 2017 11:02 am
Forum: Personal Finance (Not Investing)
Topic: Spreadsheet to Play with 401k Contributions
Replies: 4
Views: 527

Spreadsheet to Play with 401k Contributions

Thanks for all the help you guys provide. I was wondering if there is a spreadsheet or webtool that lets you play with 401k contribution to see the tax savings and total take home pay. This is for running different scenarios to see what works best. I found mortgage payoff sheets and its really helpf...
by raamakoti
Fri Aug 11, 2017 4:37 am
Forum: Personal Finance (Not Investing)
Topic: Health Savings Account
Replies: 37
Views: 3626

Re: Health Savings Account

Thank you for all your suggestions
by raamakoti
Thu Aug 10, 2017 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: Health Savings Account
Replies: 37
Views: 3626

Health Savings Account

Our employer health benefits are not that great, so I have the cheapest plan with high deductible and max out the HSA annual limit. for 2017 I chose to save $6750 in HSA. We as a family are fairly health and don't use much of HSA. Now HSA balance is hovering around $20k Should I keep contributing ma...
by raamakoti
Tue Aug 01, 2017 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: 529 or Mortgage
Replies: 38
Views: 2107

Re: 529 or Mortgage

I did not want to tie up lot of assets I could not get access to easily and pay a 10% penalty. So wanted to keep as much as liquid as I can and manage. Thats why I put enough to get company match. Understanding better your situation & it is a bit different. I wasn't clear if your "10% pena...
by raamakoti
Tue Aug 01, 2017 10:00 am
Forum: Personal Finance (Not Investing)
Topic: 529 or Mortgage
Replies: 38
Views: 2107

Re: 529 or Mortgage

instead I give to my financial adviser who is giving better returns than 401k would get me - yes i am loosing on tax free but those were the decisions I made 6 to 7 years ago. Kind of off topic but what does this mean? What is your financial adviser doing for you that you can't beat by saving more ...
by raamakoti
Mon Jul 31, 2017 7:46 pm
Forum: Personal Finance (Not Investing)
Topic: 529 or Mortgage
Replies: 38
Views: 2107

Re: 529 or Mortgage

Great comments - I started everything late - say I woke up late to financial reality. I was debt free but not saver, I used to donate, help needy etc. Life took good turn after meeting my wonderful wife. Say responsibility kicked in. savings that you see below was 8 years of work. Some more info abo...
by raamakoti
Mon Jul 31, 2017 7:18 pm
Forum: Personal Finance (Not Investing)
Topic: The age old debate 30 vs 15 [year mortgage rate]
Replies: 41
Views: 4719

Re: The age old debate 30 vs 15 [year mortgage rate]

We are in the process of closing $425k house with 20% down payment @ 3.875% . We are taking 30 year loan but treat it as 15 year and make extra payments. If we fell through hardships atleast lower payment would be easy to bear and I don't have to make a hard choice between food and mortgage. I check...
by raamakoti
Mon Jul 31, 2017 1:25 pm
Forum: Personal Finance (Not Investing)
Topic: 529 or Mortgage
Replies: 38
Views: 2107

Re: 529 or Mortgage

No I am not maxing out Retirement account, I am matching enough to get company's match.
No I do not get any tax break for 529 savings.

Since I already have 51k in today's dollars in 529 plan. My question is how much more should i save it. Should I keep doing 1k/month or reduce the contribution.
by raamakoti
Mon Jul 31, 2017 10:40 am
Forum: Personal Finance (Not Investing)
Topic: Can I afford it ? [A new car]
Replies: 95
Views: 6119

Re: Can I afford it ? [A new car]

with 15 year mortgage - I would not buy the car on a loan. I am in similar situation and not 300k income. One payment miss and you will regret your new car. Pay that 10k down towards mortgage and use remaining to get a nice family car. Once mortgage is paid off treat yourself with a nice luxury car....
by raamakoti
Mon Jul 31, 2017 10:30 am
Forum: Personal Finance (Not Investing)
Topic: 529 or Mortgage
Replies: 38
Views: 2107

529 or Mortgage

Thanks a lot everyone for creating this useful forum. It took us good part of our lives to get here. I have 4 Year 8month kid at home and initial intent was to prepare for for Ivy league schools. 529 current balance is 51k. We both are employed and no debts, We contributed 1k per month since the kid...