Hello Bogleheads. We are going to be doing a major home renovation/addition. Price (plus cushion for unforeseen overruns) comes to $900K.
39 YO, married, 4 kids (4, 4, 6, 8), SAHM
HHI - $400K
Debt - Current mortgage, 3.75%, 290K. No other debt.
Cash - $660K
Taxable Brokerage - $1M
401K - 675K
Roth - 250K
Current rates for home reno loans are around 8.1-8.2% (20 years).
Would you...:
A: Put $650K down, borrow $250k (no appraisal costs, minimal closing costs borrowing 250K or less)?
B: Sell 250K taxable, pay $900K cash, borrow zero?
39 YO, married, 4 kids (4, 4, 6, 8), SAHM
HHI - $400K
Debt - Current mortgage, 3.75%, 290K. No other debt.
Cash - $660K
Taxable Brokerage - $1M
401K - 675K
Roth - 250K
Current rates for home reno loans are around 8.1-8.2% (20 years).
Would you...:
A: Put $650K down, borrow $250k (no appraisal costs, minimal closing costs borrowing 250K or less)?
B: Sell 250K taxable, pay $900K cash, borrow zero?
Statistics: Posted by Anonymiss — Sun Nov 24, 2024 10:40 pm — Replies 10 — Views 603