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[quote=Anonymous]Congratulations!  We also own a long-distance house we can't sell and are taking a loss on rent.  I know how relieved and excited you must be.  What a great feeling.

As for your real question... I don't know.  Are you in a school district you like for high school options?  Will your financial obligations change with high school (i.e., are you in public school now but plan to move to private at some point)?  Is your current home livable for the long-term?  Do you think you'll stay in this area forever, so that you want a "childhood home" for your kids that they'll visit when they are 20/25/35?  Or will you be moving once they are older, anyway?

If you save the $2k/month you are no longer spending on your mortgage, you will have $48k after two years and your oldest will be in 7th grade.  You will have $72k after 3 years and your oldest in 8th grade.  Or, $96 after 4 years with the oldest in 9th grade.  I might make a decision based on his/her high school options, assuming you are not going to pay more for highschool than you are paying for school now.

If you feel you need to move for high school, put $22k into college and $50k into a down payment.  If you don't feel you need to move before high school, put $46k into college and buy a house in 4 years with $50k downpayment.  Or tweak, accordingly.  I am not a financial planner, though, so there might be more creative things you can do.

Also, if you think you'll move once your kids are in college and you won't have a 'forever house," then I might just keep renting and put all the money towards college until you feel they are fully funded, then start saving for a down payment on whatever your next plan is.

Congratulations again!

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