Friday, May 16, 2008

It's Been A Busy Week

This past week I started on a new client engagement. The hours aren't too bad, but it's taking me some time to get used to working regular hours and commuting for about 1.5 hours/day. In addition to that, C and I are seriously considering buying our first home. We've both been saving for our house down payment for some time and we have a decent amount amassed. We're also going to get some parental help for the down payment. We thought that we were going to get the help, but it has been confirmed. I'm so grateful for the help that we get from our family - not only monetary, but also emotionally.

On a side note, would you pay $2K up front in the form of half a point if you knew that it would save you $3K over 15 years?

4 comments:

Dedicated said...

No, I wouldn't. Average says you won't remain in the home that 15 years. Plus, it is prepaying interest. How much would that money make in the savings, as you trickled it out for 15 years?

I don't think there is one calculation that says this is a good move.

budgets are sexy said...

I agree w/ dedicated - unless you find your dream home or you just really hate moving, you'll probably be out of it way sooner. And if not, I'm sure you'd refinance over the years at some point.

i'd much rather have that money cushioning a savings or emergency fund ;)

Frugal Chick said...

I agree with Dedicated. I wouldn't prepay 2k to save a measly 3k over 15 years. Good luck on house hunting!

Ms. MiniDucky said...

Agreed with dedicated, unless you KNOW you're staying in that house for at least 15 years, that's a long time to wait for $1000 savings.