Reply to Tell me how to get out of my underwater house

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[quote=Anonymous]Yes, we're currently underwater but then it doesn't matter as much to us as this was the house that we wanted to stay in until we started downsizing, so we're here for a while.  But if you need to get out of the house, then you need to budget for as much as possible each month to put extra towards your principal.  Even just $400-500 per month can get your principal balance on your mortgage down a lot.  I round my mortgage up to $4000 (our normal mortgage payment would be between $3300-3400) every month and put the extra towards principal.  This means that we are going to be paid off on our 30 year mortgage in about 22-23 years instead of 30.  And it will save me a ton on interest payments.  It's not as good as a 15 year amortization, but we weren't willing to make the life-style changes we would have had to make to have the 15 year mortgage, so we're willing to do it this way.  We'll still have the mortgage paid off before out kids go to college, so we're okay.  But pay as much as you can additional against principal and it will get you out from underwater as quickly as possible.  [/quote]

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