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Mom Confessions Mom Confessions

i confess a part of me wants to keep the extra cash!

Posted by on Jan. 1, 2013 at 11:45 AM
  • 26 Replies
We are in talks of doing a refi. We are one of the lucky few who are not under water on our home. We shopped smart and bought smart.

If we refi to a 30 yr we can get a 3.5%and drop our payments to 525 a month. That's a savings of like 250.

If we refi to a 15yr we can get a 2.6% and drop our payments to 716 not a drastic savings but like $50 . We could then pay off.our home in 15 yrs.


But a part of me would rather keep the extra cash!

What would you do?

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by on Jan. 1, 2013 at 11:45 AM
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Replies (1-10):
librarywizard
by Bronze Member on Jan. 1, 2013 at 11:46 AM

I would do the 30 year mortgage.

Anonymous
by Anonymous on Jan. 1, 2013 at 11:47 AM
Keep the extra cash... lol
Christy644
by on Jan. 1, 2013 at 11:47 AM
3 moms liked this

I think I'd take the lower payment and pay extra towards the principal each month that I could. That way if you do get in a jam you have a smaller payment to meet.

crescentstar2
by Anne on Jan. 1, 2013 at 11:48 AM
1 mom liked this

I'd do the 15yr one and have all that extra cash then

Anonymous
by Anonymous on Jan. 1, 2013 at 11:49 AM
Do the 15. You'll be saving lots of cash in the future that way
Anonymous
by Anonymous on Jan. 1, 2013 at 11:49 AM
I would do the 15 year...I would rather get the house paid off faster
myperfect4inok
by Gold Member on Jan. 1, 2013 at 11:50 AM
I would do the 15 year one.
That's what we did with our house. Our payments are higher but by the time I am 45 my house will be paid off instead of being 60 when its paid off.
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Anonymous
by Anonymous on Jan. 1, 2013 at 11:50 AM
Smart choice would be to do the 15. The savings will take awhile to see but its less interest and quicker to owning outright.
DeathGoddess
by Bronze Member on Jan. 1, 2013 at 11:51 AM

i would do the 30 year then take 1/2 of the savings and put it back on principal each month. You'd pay it off faster and end up paying less in interest yet still come up with extra money.

mindysue852
by Member on Jan. 1, 2013 at 11:52 AM

I'm in the process of refinancing right now, and we are going the 15 year route. You aren't saving as much each month, but then for 15 years after you pay it off you are living for free (well other than insurance and taxes.) You save sooo much money by lowering the amount of interest you pay. I think they say on a 30 year loan you are paying 2-3x the amount you paid on the house when all is said and done because of interest. But whatever works best for your family, I just hate owing money to anyone!

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