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re: What to do with 1 year increased pay?
Posted on 3/8/24 at 3:31 pm to Yeti_Chaser
Posted on 3/8/24 at 3:31 pm to Yeti_Chaser
I would get out of the PMI if at all possible.
My next choice would be to put aside about $2k and take a nice vacation or check something off of your bucket list then dump the rest into retirement and act like that extra money never existed.
You probably don’t “need” a new truck or house, but if you need this extra income to fund those purchases then you shouldn’t be buying that much car/house anyway.
My next choice would be to put aside about $2k and take a nice vacation or check something off of your bucket list then dump the rest into retirement and act like that extra money never existed.
You probably don’t “need” a new truck or house, but if you need this extra income to fund those purchases then you shouldn’t be buying that much car/house anyway.
0
Posted on 3/10/24 at 9:33 pm to PhiTiger1764
I think ive settled on putting a lump sum towards my mortgage principal to remove PMI. Now the question is should I recast the mortgage while I do this?
I believe if I recast, my mortgage principal + interest payment drops from $1530 to $1383 per month, so a savings of $1764 per year. I also save another $1896 per year in PMI by making the lump sum payment, regardless of whether or not I choose to recast. The recast fee is $250.
I'm not understanding the math on how to determine whether I should recast and reduce the monthly payment or just keep my same amortization schedule and pay off the mortgage earlier. I only plan to stay in the house for another 2-4 years. Can anyone help explain how to calculate this difference in interest?
I believe if I recast, my mortgage principal + interest payment drops from $1530 to $1383 per month, so a savings of $1764 per year. I also save another $1896 per year in PMI by making the lump sum payment, regardless of whether or not I choose to recast. The recast fee is $250.
I'm not understanding the math on how to determine whether I should recast and reduce the monthly payment or just keep my same amortization schedule and pay off the mortgage earlier. I only plan to stay in the house for another 2-4 years. Can anyone help explain how to calculate this difference in interest?
This post was edited on 3/10/24 at 9:37 pm
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