Posted on: 19th Aug, 2010 11:02 am
we have a primary mortgage of 201,000 at 6.125% 5 year arm with 1.5 year left.
we have a secondary mortgage of 39,000 at 4.125% variable interest rate
we have about 40,000 in our checking account and no savings.
i will be going to school for a physical therapy program. my tuition fee for 3 years will be 40,000. i am getting a fedral direct unsubsized loan at 6.8% with upto 10,000 usd disbursed each time starting this fall.
my husband has a steady job and makes around 100,000
how should we best manage our finances???
should we save the 36000 for my tuition and not take any of the 6.8% education loan ?
should we pay off the secondary mortgage with our checking account balance and refinance the primary mortgage 201,000 loan to a 30 year fixed 4.3%. this means we’ll have to take the 6.8% education loan atleast for the first 2 years (around 25000) and hopefully we’ll saved 15000 by the time its 3 year to pay off the remaing education tuition ?
what do you think?
we have a secondary mortgage of 39,000 at 4.125% variable interest rate
we have about 40,000 in our checking account and no savings.
i will be going to school for a physical therapy program. my tuition fee for 3 years will be 40,000. i am getting a fedral direct unsubsized loan at 6.8% with upto 10,000 usd disbursed each time starting this fall.
my husband has a steady job and makes around 100,000
how should we best manage our finances???
should we save the 36000 for my tuition and not take any of the 6.8% education loan ?
should we pay off the secondary mortgage with our checking account balance and refinance the primary mortgage 201,000 loan to a 30 year fixed 4.3%. this means we’ll have to take the 6.8% education loan atleast for the first 2 years (around 25000) and hopefully we’ll saved 15000 by the time its 3 year to pay off the remaing education tuition ?
what do you think?
What is the home worth?
How long do you plan on living there?
How is your credit?
How long do you plan on living there?
How is your credit?
Unless you're moving immediately, it makes complete sense to refinance. I think your plan great idea. Do have equity in your home to refinance?
