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Author: lsf51 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 46842  
Subject: How much equity? Date: 3/25/2004 2:18 PM
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My wife and I bought a small house 10 months ago for 94,500 in a decent resale area (good school district, small town) in NC. We are newly married, and plan to live in this house for about 5 years total, and our loan is a 5-1 ARM at 4.86%. Since we are trying to plan for my wife not to have to work after we have children in a few years, we are putting a lot of the money she makes now (about 1200 a month) toward the principle (so as not to get used to her income). We've already paid off the equity line (15,000) and now we're working toward paying off the primary mortgage, which is about 73,000. If we continue at this rate, we'll have the house paid off in 4 1/2 years, which is about how much longer we want to be in it. After fully funding our Roth IRAs and having an emergency cash fund, do you think this is a wise way to invest that income? Thanks for any input!
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