Thread: Money Investing megathread extravaganza
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Old 11-22-2016, 09:12 PM   #506
hometeam hometeam is offline
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Join Date: Jul 2011
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Quote:
Originally Posted by Amnorix View Post
DaFace's post says it all in terms of the priority list. Get that CC paid off asap.

Once you pay off the CC and have started the matching 401(k), etc. what you would REALLY like to do is refinance the house and NOT pay PMI. This requires that you have paid down 20% of the house based on valuation. PMI is money out of your pocket solely for the benefit of the bank and is COMPLETELY BAD.

Here are your numbers:



So, what you're looking to do is (1) be certain it's worth $85K, and (2) cobble together $17K so you can refinance to get a loan for $68K at a LOWER interest rate and NO PMI.

That will save you quite alot every month. Based on your numbers, you already have $7K of that $17K, so you need $10K more to make it happen.
I am going to do this. I just switched jobs, so I want to get some time under my belt so I have something to show than a couple stubs, refi is high on my list.
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