Don't forget if you were to sell, you'd need to pay the broker fees and closing costs, all of which would eat away at how much he'd take away. Remind him of that when you make the offer.
Can you afford your mortgage payments with the current arrangement between work, child support, and rental income?
Whatever the final offer comes to, it's an amount I'll need help with.
The current arrangement with work is not looking so good. Hours have been reduced, and we'll be closed for holidays. The New Year looks slow too. I don't know if there will be a need for me. I'm currently in that 90 day probation period, which ends January 19th, if there is even work for me. Looking at other job options.
For now there is the rental income. I do have money in savings, and there is CS. Can I afford the mortgage? Yes, but it'll be dipping into savings. Guess that's what it's there for.
Originally Posted by may22
What is your interest rate on your current mortgage?
3.5% on the mortgage. And the other loan is at 4%. Both are in XH name.
Originally Posted by may22
Depending on when you bought and what your current interest rate is, it is possible for you to get a good chunk of that buyout sum out of the equity in your home and still afford the mortgage payments. IDK if that is better-- owing the bank or owing him-- guessing you can work it out with him so that you're not paying interest to him, so if he'd accept payments over time that would probably be the easiest.
Bought in 2013. Not sure what he's open to, but who knows.
Originally Posted by may22
And yes-- totally agree on it being a blessing that you have a long term tenant who is doing okay.
TBH I think given that the rental is a 2 bedroom, even if it is small, you probably couldn't charge much more for the bigger house than what you're getting for the smaller one.
Congrats on getting so much done-- child care assistance, health care assistance, selling stuff you don't need-- that is all terrific.
Yes, the tenants are a blessing. A couple who have both been through D, so they understand what I'm going through.
Total agree with you on not being able to charge much more for the main house. I'm cutting down my costs in other ways here and there. No A/C during "winter"..lol... (luckily we have solar any way) ..
Thank you for the congrats on the things I have done ; )
~Never Give Up ~ 2019 Mar BD June BD Dec Aow/xgf 2020 Jan he wants D Feb he flys2 ow Mar returns stuck here C19 Lckdwn Apr he leaves for work until Nov Oct D FINAL 2020 Living MY Happiest Life Ever
