Potentially buying husband out of house

I am making plans to leave my husband. He is an alcoholic and refuses to get help. We bought a small, single family home together. We have $130,000 left on our mortgage (Current apr is 3.25%) . I started to explore the option of buying him out. I love our neighborhood, love our home. I’ve been looking at other homes online, and pickings are slim. Plus, everything is overpriced and competitive.

Zillow appraises our house around $365,000, but homes in our area have sold for much higher. I spoke to the mortgage company to get a gauge on how much it would be to do a cash out refi.

The mortgage company and I used $365,000 to figure out a rough estimate. If I took out 80% of our equity to buy him out and do some repairs, that would give an approximate balance of $295,000 at at least 5.62% (at time of call last week). I would have a 30 year mortgage. I’m 45. The approximate monthly payment would be $1976. This is how much one bedroom apartments are going for in my area. I’m struggling with: Is it financially prudent to try to do a buyout? Or should I sell and rent for a bit? Based on my income for next year ($76,888), I can swing the expenses. After expenses, and if I stick to my budget, I would have approximately $1400 per month for savings/emergency.

I am a teacher and qualify for early retirement in 12 years. My pension contribution comes out of my pay. I was really hoping to retire in 12 years, and pursuing other activities. Not sure if this purchase would throw a monkey wrench into my plans.

Can someone help to guide me? What is the wise thing to do in this situation? Does anyone have experience in this area?

submitted by /u/No_Difference_5115
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I am making plans to leave my husband. He is an alcoholic and refuses to get help. We bought a small, single family home together. We have $130,000 left on our mortgage (Current apr is 3.25%) . I started to explore the option of buying him out. I love our neighborhood, love our home. I’ve been looking at other homes online, and pickings are slim. Plus, everything is overpriced and competitive. Zillow appraises our house around $365,000, but homes in our area have sold for much higher. I spoke to the mortgage company to get a gauge on how much it would be to do a cash out refi. The mortgage company and I used $365,000 to figure out a rough estimate. If I took out 80% of our equity to buy him out and do some repairs, that would give an approximate balance of $295,000 at at least 5.62% (at time of call last week). I would have a 30 year mortgage. I’m 45. The approximate monthly payment would be $1976. This is how much one bedroom apartments are going for in my area. I’m struggling with: Is it financially prudent to try to do a buyout? Or should I sell and rent for a bit? Based on my income for next year ($76,888), I can swing the expenses. After expenses, and if I stick to my budget, I would have approximately $1400 per month for savings/emergency. I am a teacher and qualify for early retirement in 12 years. My pension contribution comes out of my pay. I was really hoping to retire in 12 years, and pursuing other activities. Not sure if this purchase would throw a monkey wrench into my plans. Can someone help to guide me? What is the wise thing to do in this situation? Does anyone have experience in this area? submitted by /u/No_Difference_5115 [link] [comments]

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