Week eight was about mortgages. We gained a lot of good information, but there wasn’t much for us to do since we are still in the second baby step.
We did use the calculators provided to see how soon we could pay off our current mortgage once we get to that baby step. However, since we don’t plan to stay in this house much past the time it takes to save a downpayment, we’re not sure those numbers are relevant to us.
One thing we have decided, we’ll be doing a conventional 15 year mortgage with at least 20% down in the future.
We already have a fixed rate mortgage. We have talked about selling our home and buying something smaller. Currently our house payment is right at about 25% of our take home pay, but that’s with a 25 year mortgage (when we refinanced, we didn’t want to lose time we’d already been paying).
We’re still working the zero budget and discovering we aren’t anywhere near as broke as we thought we were.
Well, that’s all I can about this lesson.
On to week 9!