stephenson
Thinks s/he gets paid by the post
- Joined
- Jul 3, 2009
- Messages
- 1,617
Hi All,
We currently live in a nice home we bought after leaving megacorp and downsizing in another state - this house was always intended to be a holding pattern house - until we could decide.
Spouse and I are buying a “new” house (think about $X), now. It is in the same general area, and what we, uh … she wants.
We have a small mortgage on our current home. The current home is about half the value ($0.5X) of the new house.
Assets:
- $1.2X in MMF/cash
- $0.2X in CDs
- $3.5X in joint investments (stocks, stock/bond mutual funds, ETFs)
- $2X in several single family rental properties
- $4X in IRAs (not drawing, yet)
Income:
- military pension at $0.05X/year
- mega corp pension at $0.07X/year
- mega corp NQP at $0.2X/year for another 7 years
- rental income of $0.1X/year
- dividends from joint assets are going to cash at about $0.15X/year
Social Security at 70 is in four years and will be about $0.1X
The QUESTION - given the above circumstances, would you:
1. Buy outright
2. 30 year loan - and, with what downpayment
3. 15 year loan - and, with what downpayment
Thoughts?
We currently live in a nice home we bought after leaving megacorp and downsizing in another state - this house was always intended to be a holding pattern house - until we could decide.
Spouse and I are buying a “new” house (think about $X), now. It is in the same general area, and what we, uh … she wants.
We have a small mortgage on our current home. The current home is about half the value ($0.5X) of the new house.
Assets:
- $1.2X in MMF/cash
- $0.2X in CDs
- $3.5X in joint investments (stocks, stock/bond mutual funds, ETFs)
- $2X in several single family rental properties
- $4X in IRAs (not drawing, yet)
Income:
- military pension at $0.05X/year
- mega corp pension at $0.07X/year
- mega corp NQP at $0.2X/year for another 7 years
- rental income of $0.1X/year
- dividends from joint assets are going to cash at about $0.15X/year
Social Security at 70 is in four years and will be about $0.1X
The QUESTION - given the above circumstances, would you:
1. Buy outright
2. 30 year loan - and, with what downpayment
3. 15 year loan - and, with what downpayment
Thoughts?