Thanks for the info, John! I will call my loan companies on Monday to
see if skipping some regular payments will be okay.
> Beyond that, I'd need to know what your car loans look like. That
> would be the original purchase prices, the original loan values,
> when that was, the rates of interest, and current balances.
Both cars were purchased in June 2007:
Car 1 -
Purchase price $24,000
Original loan value $24,000 (no money down)
Interest rate - 1.9%, 60 month loan
Current balance - $17,000
Car 2 -
Purchase price $16,000
Original loan value $11,200
Interest rate - 11.64%, 72 month loan
Current balance - $3,500
The only other debt that we carry is about $4000 on a no-interest
credit card, which we pay $250 a month towards.
As for scraping up money for the down payment, I would qualify to pull
$10,000 from my traditional IRA and we also have about $9,000 in
contributions in our Roth IRAs, but I would rather not touch those if
I don't have to. I do, however, really want to avoid PMI in the first
place...
Thanks again for any advice! :)
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