All Forum Posts by: Robert Czek

Hello, I need some advice from "smart" money people on what to do in my situation... It's a good option that I have I just want to do the right thing.. I am currently 34 yr old live in Fort Myers FL and bought a house in '10 for $72k lol... The house is now worth $165k My current mortgage is $612/mo including taxes/insurance.. it is only myself and my fiance living here, is 1080sq ft, totally remodeled, 2br/2ba. I can have it paid off in full in about 8.5 years. It will need a new ac in 3-5 years.

My second option is to sell my home and use the equity I make down I am looking at 3/2 homes in the $250k range. The mortgage on this place would go up to $1400-$1500 including taxes/insurance/hoa and it would b a 30yr mortgage.

So my question is, what is the financially correct thing to do in this situation? Should I just stay in my current place with the low mortgage or cash in on the equity and buy a brand new place? I cannot rent out my home as I don't make enough $ to qualify for 2 loans, I am a teacher. My last option would be to pay it off in the next 8 years and THEN be able to rent. current rent is around $1300 for my house.

Some additional info- I am a teacher currently making about $50k/yr plus bouncer on the weekends making $600 cash/mo. fiance makes about $25k/yr. i am currently putting $12k/yr into 403b

Please give me your advice and opinions on what the smart decision would be in this case. Thank you!

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Post: Pay off Mortgage, or use equity to upgrade??