Hi,
My husband and I purchased our first home 2 years ago and the price has gone down by $30k already. We are not looking to move anytime soon, but this is just a starter home and we will probably have kids in the next 5 years might need to upgrade. I am looking to see what we should start paying extra on as we have a few hundred dollars we can put somewhere.
Our combined yearly income is $130k
We are 27 years old
10k in emergency savings
Monthly Payments
1st morgage (30 years at 6.2%) - $1700/mo.
2nd (15 years at 7.5%) morgage - $500/mo.
Retirement - $400/mo.
Car (5 years at 4.6%)- $360
I am worried about the price of our home going down and what I should try to do - invest, save, not pay as much interest in the long run by putting extra on the morgages.
Any advice?
My husband and I purchased our first home 2 years ago and the price has gone down by $30k already. We are not looking to move anytime soon, but this is just a starter home and we will probably have kids in the next 5 years might need to upgrade. I am looking to see what we should start paying extra on as we have a few hundred dollars we can put somewhere.
Our combined yearly income is $130k
We are 27 years old
10k in emergency savings
Monthly Payments
1st morgage (30 years at 6.2%) - $1700/mo.
2nd (15 years at 7.5%) morgage - $500/mo.
Retirement - $400/mo.
Car (5 years at 4.6%)- $360
I am worried about the price of our home going down and what I should try to do - invest, save, not pay as much interest in the long run by putting extra on the morgages.
Any advice?
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