L
lipper
Guest
Hi All,
We are currently selling our house and down sizing. Our current house is worth 500k with a mortgage of 380k, this should leave us with 100k after exspenses. The place we are looking to buy will be in the €250k bracket. Also for considerations, we also have two car leases, one for 13k costing €640 per month with two years left and another for 20k costing 420 per month with 4 years left.
We see that we have two options:
Option1: Take the 100k and put it into the property and only have a mortgage of 150K and continue to pay off the car leases of 1k per month.
Option2: Pay off the car leases of 33k and put the 77k into the mortgage leaving us with no lease repayments but a mortgage of 173k. Take the 1k per month savings from the lease repayments and put it into the mortgage with a reduced payment period, ie 15 year instead of 25 year term.
Any advise on which would be the best option or how to work out which would be the best option would be greatly apriaciated!
Thanks
Lipper
We are currently selling our house and down sizing. Our current house is worth 500k with a mortgage of 380k, this should leave us with 100k after exspenses. The place we are looking to buy will be in the €250k bracket. Also for considerations, we also have two car leases, one for 13k costing €640 per month with two years left and another for 20k costing 420 per month with 4 years left.
We see that we have two options:
Option1: Take the 100k and put it into the property and only have a mortgage of 150K and continue to pay off the car leases of 1k per month.
Option2: Pay off the car leases of 33k and put the 77k into the mortgage leaving us with no lease repayments but a mortgage of 173k. Take the 1k per month savings from the lease repayments and put it into the mortgage with a reduced payment period, ie 15 year instead of 25 year term.
Any advise on which would be the best option or how to work out which would be the best option would be greatly apriaciated!
Thanks
Lipper