• Our developer will be working on RCF over the next few weeks. Things may look wonky at times, normal functions may not work or dissappear completely. It's the nature of the beast but we'll try to make sure this is painless as possible.

The Finances and Debt Thread

Lee

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In 3 years her car will be paid off, $560/month. Our kids will be older and to the point where sharing a room isn’t possible once we get them larger beds and things. Like I said we get by, not having financial problems or anything, just wondered if rolling that student loan into my mortgage was worth it or not or would save me anything.

I make $120,000 a year so we aren’t struggling by any means.

Honestly with what your mortgage is,, around $1,000 a month, student loan only $400, car $560, then you have to take a hard look at your budget.

At $10k a month income, you need to dial back something and pay at least $500 a month. 10% of your pre-tax income is going to housing. I know there is probably some medical expenses for the wife, but you really need to knock out the student loan debt asap, you have the income to do it.
 

SanduskyCav

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Honestly with what your mortgage is,, around $1,000 a month, student loan only $400, car $560, then you have to take a hard look at your budget.

At $10k a month income, you need to dial back something and pay at least $500 a month. 10% of your pre-tax income is going to housing. I know there is probably some medical expenses for the wife, but you really need to knock out the student loan debt asap, you have the income to do it.
Alright Ill take a closer look. Medical stuff for my kid not my wife. She’s just home to be the caretaker at home and school. Thanks Lee
 

Lee

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Alright Ill take a closer look. Medical stuff for my kid not my wife. She’s just home to be the caretaker at home and school. Thanks Lee
no problem, I wasn't trying to be a jerk, just trying to get things in perspective. Budgets are very important, sick kids suck, I went through it, makes your heart break, but have to do what you can on the budget.

Get rid of the car and student loans and you will be thanking me in a few years. It will take some very tough budget decisions though, but you can do it if you want it bad enough....need to get the wife on board for it to work.
 

Ob1

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I make $120,000 a year so we aren’t struggling by any means.
I can put you in touch with my mortgage/refi guy. I just refi'd at 3.375%. Saved me 300$ a month AND they waived my appraisal and most of the costs. Cost me $1300 TOTAL. Will almost have paid itself off by EOY. He can tell you whther it makes sense to do a cash out re-fi. It probably doesn't. But if you're going to pay almost no fees on the re-fi and you don't mind going with a lender that will sell your loan (means almost nothing to you) then you could save a few $$$ after the breakeven point just doing a traditional re-fi and payoff).


Edit - Misread your post, Lee is right, you probably aren't saving anything due to the low amount left on the loan, so the refi fee is going to be too high for it to be worth it.
 
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Misc Costs To Finish Browns Site

Total amount
$750.00
Goal
$750.00


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