Hey there, folks! So, here’s the lowdown: I recently got divorced, and the papers are all signed and sealed. Now, I’m holding down the fort with the kids in the family home. Since my ex and I split in January 2025, I’ve been the one footing the mortgage bill all by myself. The settlement terms are crystal clear: I have the option to assume the mortgage and buy out my ex for half of the remaining equity. As it stands, I owe around $77,000, and the monthly payment is set at $1,052. But, being the responsible one, I’ve been chipping in $1,500 every month, with the surplus going straight to the principal. I’ve got less than five years left to clear this debt, and I’m dead set on keeping that sweet 1.9% interest rate.
Now, I’m looking for some advice, and where better to turn to than the good folks of Reddit? I’m all ears for any insights on what type of loan would be my best bet in this situation. My main goal is to keep those monthly payments as low as possible until the original mortgage is fully paid off, at which point I plan to just throw all the extra cash I can at it. So, should I be looking into a HELOC, a HELOAN, or maybe sticking with a conventional loan? I’m leaning towards a 15- or 20-year term, or even shorter if it makes sense. Oh, and just to throw it out there, my credit score is sitting pretty at around 830.
So, what do you think, Reddit fam? Hit me up with your thoughts, advice, or any nuggets of wisdom you might have on the best way to navigate this mortgage maze. I’m all ears and ready to tackle this challenge head-on. Let’s do this together!