I've been thinking about moving to Spring Grove for several years now and finally decided it is time. I made an offer on a house that was accepted, and pending any issues with the inspection (tomorrow), it's all but a done deal.
All of that said, I've been crunching numbers and trying to figure out what is best for me. As of now I anywhere between a 30 and a 20 year mortgage. The 30 and 25 year loans are at 3.75% and the 20 is at 3.5%. I like the idea of saving interest, but also like the idea of having a lower payment in the event I have to spend it elsewhere. I also have been crunching numbers with throwing an extra $300 per month.
The next hang up is if I'm putting 20% or 25% down. Both scenarios make sense to me and are affordable. I get a lower payment with the 25% down, but that is extra money I can save, invest, or put into the house.
Right off the bat, I'm putting all new floors in the house on the first floor (ranch). The basement was recently finished and has carpet that I'm fine with. I'm going to do the two bathrooms on the main level eventually and paint as well. The exterior of the house is perfect and needs nothing.
I know someone here was in this same situation and I'm looking for thoughts for any of the above options.
All of that said, I've been crunching numbers and trying to figure out what is best for me. As of now I anywhere between a 30 and a 20 year mortgage. The 30 and 25 year loans are at 3.75% and the 20 is at 3.5%. I like the idea of saving interest, but also like the idea of having a lower payment in the event I have to spend it elsewhere. I also have been crunching numbers with throwing an extra $300 per month.
The next hang up is if I'm putting 20% or 25% down. Both scenarios make sense to me and are affordable. I get a lower payment with the 25% down, but that is extra money I can save, invest, or put into the house.
Right off the bat, I'm putting all new floors in the house on the first floor (ranch). The basement was recently finished and has carpet that I'm fine with. I'm going to do the two bathrooms on the main level eventually and paint as well. The exterior of the house is perfect and needs nothing.
I know someone here was in this same situation and I'm looking for thoughts for any of the above options.