Comments on: Should I sell my Condo to pay off my student loans? https://studentloansherpa.com/sell-condo-pay-student-loans/ Expert Guidance From Personal Experience Wed, 21 Jul 2021 20:19:49 +0000 hourly 1 https://wordpress.org/?v=6.7.1 By: Sher https://studentloansherpa.com/sell-condo-pay-student-loans/comment-page-1/#comment-1555 Mon, 18 Jan 2016 01:16:00 +0000 https://store.eptu0ncx-liquidwebsites.com/?p=3251#comment-1555 We have been wrestling with this decision for a couple years now, and still aren’t sure what the best move would be for our family. We bought our home as a short sale 5 years ago and have $170k left on our mortgage at a rate of 4.0%. The housing market in our area (south of Denver) has been climbing like crazy lately and we could likely sell our home for around $350k. I owe just shy of $35k at a rate of 6.0% in student loans, and my husband owes almost $120k at a rate of 6.8%. We have about $13k in other debt that we’re chipping away at, and in the meantime my husband’s loan balance only goes up (we’re on an IBR plan for his, standard for mine). The loans weigh heavily on me, but we also love our home and probably couldn’t buy another in this area (maybe even this state) for less than $300k. We have excellent credit though, and I’m guessing we’d get around a 4% interest rate on another home loan. We both work full time with a combined income of about $80k and we have two kids (one in school the other in daycare). We’re pretty frugal but I feel our only options are to either knock out the student loan debt in one fell swoop now by selling the house (and in doing so essentially shift the debt into a new mortgage on another house), or essentially ignore his loans until the 25 years are up and the remainder is forgiven. So torn!!!

]]> By: The Student Loan Sherpa https://studentloansherpa.com/sell-condo-pay-student-loans/comment-page-1/#comment-1554 Wed, 25 Nov 2015 04:37:00 +0000 https://store.eptu0ncx-liquidwebsites.com/?p=3251#comment-1554 In reply to paul.

You might want to try making a spreadsheet tracking your different options. This is one way to figure out how that 4.2k a year in interest compares to 10k a year. The breakdown of interest vs. principal could be a big factor.

]]> By: paul https://studentloansherpa.com/sell-condo-pay-student-loans/comment-page-1/#comment-1553 Wed, 25 Nov 2015 04:26:00 +0000 https://store.eptu0ncx-liquidwebsites.com/?p=3251#comment-1553 Great article

Quick question though.
What if my current student loan interest is 4.2k a year while my payment obligation to the home is 10k a year. Im basically throwing away half my yearly home payment?

Plus i would not mind renting in order to eliminate risk of home repairs and in the future, if i get a better job or income i can always save for a home and rent till then.

P.s
I actually prefer a change in living situation and location.

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