Originally Posted by lovemykeiki
We are halfway done with our current 15 year, so we can go another 7.5 years at $4500/month or refinance and go another 15 years at $3100/month.
So you'd be adding another 7.5 years til your house is paid off in order to keep your nanny and build your business?
I'd have to really, really, really hate
being a SAHM to pay a nanny *all* of my earnings *plus* $5K of DH's earnings every year. And that's not even touching the fact that you're signing up for another 7.5 years of mortgage payments.
I would personally give a lot of thought to what it would mean for your family financially to have your house PAID OFF in 7.5 years. How many children do you have, when will they go to college, what type of retirement planning have you done, etc? You could do so much with no mortgage in 7.5 years, kwim?
When would your youngest child go to school? How much of a wait time are we talking here? It can't be more than 7.5 years, and I'd kick myself with every mortgage payment above and beyond the 7.5 years you have left.
The only other thing I'll add is that I would definitely consider refinancing to get a lower interest rate, but I would keep paying whatever necessary to get it paid off in 7.5 years. Heck, you could refinance for a lower rate and keep paying what you're paying now and have it paid off even sooner.