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City Compare (2009 money.com)
Where I live
Test score reading: -5.2% below average
Test score math: -2.8% below average
City where private school is.
Test score reading: +40.7% above average
Test score math: +29.1% above average!
I am trying to figure out if this is both public and private school stats.
Last edited by Joseph Marnix; 07-21-2009 at 11:43 AM..
Reason: added missing stat
Location: Sometimes Maryland, sometimes NoVA. Depends on the day of the week
1,501 posts, read 11,753,094 times
Reputation: 1135
Another question - are you sure your ARM will reset to 11%? Interest rates are pretty low right now, and I have heard of plenty of people stressing over an ARM reset who were surprised to see payments go down or be relatively flat. Back when I had an ARM, it was capped at 11%, but if it reset today, it would have been not much higher than I was paying (have since sold the house and now have a fixed).
Location: Sometimes Maryland, sometimes NoVA. Depends on the day of the week
1,501 posts, read 11,753,094 times
Reputation: 1135
Quote:
Originally Posted by Joseph Marnix
That private school funding is from my father-in-law's (technically) share of the equity of this current house when he transferred it to me and my wife's (his daughter) name in 2006.
Ok, so I get that you feel the private school money should be protected b/c it was what your FIL intended for it. But, which is more important to your FIL - that your kids go to private school or that they have a roof over their heads?
City Compare (2009 money.com)
Where I live
Test score reading: -5.2% below average
Test score math: -2.8% below average
City where private school is.
Test score reading: +40.7% above average
Test score math: +29.1% above average!
I am trying to figure out if this is both public and private school stats.
Averages are mathematical artifacts. What would be more important is the safety of the schools. If you have a safe learning environment, children can focus on their schooling given the right parental involvement and excel, even if the 'average' score is not so good.
1) let's assume that you are going to keep the private school....
2) Let's also assume that you are in an ARM and want to refi... my guess is that the rate can never go above 11% (probably 5 or 6% more than what you started with). It would probably adjust down if it adjusted today. But, looking down the road, you are concerned that the rate could go up.
3) I am also assuming you do not qualify to refinance to whole balance of the mortgage from your original post.
If 1, 2, and 3 are all correct, then pay the mortgage down to 417K, refinance into something fixed. Take what you have left, put 6 months of your mortgage payment aside into an emergency account and pay down the highest interest Credit cards with whatever is left.
It's not perfect, but it does protect your home and secure a low mortgage rate on the largest debt. It leaves you some money aside and pays down some of the debt.
1) let's assume that you are going to keep the private school....
2) Let's also assume that you are in an ARM and want to refi... my guess is that the rate can never go above 11% (probably 5 or 6% more than what you started with). It would probably adjust down if it adjusted today. But, looking down the road, you are concerned that the rate could go up.
3) I am also assuming you do not qualify to refinance to whole balance of the mortgage from your original post.
If 1, 2, and 3 are all correct, then pay the mortgage down to 417K, refinance into something fixed. Take what you have left, put 6 months of your mortgage payment aside into an emergency account and pay down the highest interest Credit cards with whatever is left.
It's not perfect, but it does protect your home and secure a low mortgage rate on the largest debt. It leaves you some money aside and pays down some of the debt.
Good luck.
1. So mortgage 487k
Pay Down 70k to to 417k.
2. CC around 70k.
Pay down 49k to 21k CC balance.
(pay 70% to leave 30% balance, which I thought to help credit score?)
4. Income is 75k annual. (up to 78+k with bonus, but not relying on bonus)
28% of income is target house payment of $1,750 / month.
(my current minimum mortgage payment is 1,800, but I've been paying $2,000 / month)
5. I also contribute 15% of gross income to 401k. Company matches 25%.
I this wise to do now, or should I use the 15% towards paying down CC balances?
6. I may also qualify for a VA loan. It is generally higher in interest than a normal fix mortgage. Is a VA loan worth pursuing?
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