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Funkybutt
LIF Adult
Member since 4/15 3049 total posts
Name:
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WWYD - putting $ down
I'm in the process of buying a townhouse that I don't plan on staying in forever (I'm hoping that at some point I'll get married again and we'll move into a different place, but I just separated and haven't started dating so it's a *very* loose timeline.  )
I'm going to be putting down more than 20% but I need to get the monthly mortgage down as low as possible because my paycheck isn't *that* large. When talking to the mortgage broker, he gave me numbers on how much the monthly would be if I put down 20%. I asked about putting down an extra $20K and it really only saved $100/month on the mortgage.
Is it worth getting the mortgage down another $100/month or having that $20K in the bank? I'll still have $20K left in the bank if I put down the higher amount so I don't have to worry about having money in savings for issues that can come up later.
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Posted 7/23/17 8:45 AM  |
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luvbuffet
LIF Adult
Member since 7/10 6470 total posts
Name:
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Re: WWYD - putting $ down
If you meet the debt/income ratio for the townhouse then I wouldn't.
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| Posted 7/23/17 9:18 AM |
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RainyDay
LIF Adult
Member since 6/15 3990 total posts
Name:
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WWYD - putting $ down
If you asked my DH he would rather have the 20k in the bank.
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| Posted 7/23/17 11:02 AM |
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loveus
LIF Adolescent
Member since 9/13 684 total posts
Name:
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WWYD - putting $ down
I would keep the 20k since it seems you probably won't be able to save much having a mortgage
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| Posted 7/23/17 11:09 AM |
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MrsT809
LIF Adult
Member since 9/09 12167 total posts
Name:
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WWYD - putting $ down
I would keep the savings. You can always put extra money towards principle when you have cash to spare but not be locked into the higher payment.
Message edited 7/23/2017 11:17:35 AM.
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| Posted 7/23/17 11:17 AM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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WWYD - putting $ down
If the extra $100 a month won't make things a struggle, I'd keep the $20K in the bank
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| Posted 7/23/17 11:30 AM |
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WWYD - putting $ down
20K in the bank. That would take a long time to build back up at saving $100 a month. $100 can easily come from other sources of savings like saving on car insurance or groceries or cutting down liquid spending
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| Posted 7/23/17 1:03 PM |
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thewinterone
You make me happy
Member since 5/05 2474 total posts
Name:
cause you are gray.
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Re: WWYD - putting $ down
Keep the money and pay extra towards the principal whenever you can.
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| Posted 7/23/17 1:18 PM |
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Funkybutt
LIF Adult
Member since 4/15 3049 total posts
Name:
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WWYD - putting $ down
That's what I was thinking. I'm hoping the seller will give me an idea of what the monthly bills will cost, then I'm going to work out a budget to see if that extra $100/month makes that big of a difference. I definitely have to change my spending habits b/c before I was able to go out to eat whenever I wanted (and did frequently) but then my credit card bill was over $500 so that's an easy way to save some money.
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| Posted 7/23/17 2:03 PM |
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