Thread: Home vs Boat
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Old 11-08-2019, 09:36 AM   #108
Zoar
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City: Millport
Country: US
Join Date: Nov 2019
Posts: 15
Quote:
Originally Posted by ssobol View Post
That's all well and good, but a boat is a depreciating asset and will this deal let you afford the maintenance, upkeep, operating costs, etc. that go with having a boat?

Having a boat and a house is not really the same as having two houses. I'm guessing that the monthly operating costs for "access to the world" is going to be a lot more than your mortgage payment.

If refinancing and taking equity money out resets or extends the mortgage period, are you really saving any money once you figure the interest costs?
Actually I am DECREASING the terms of payment. I had 14 years left on my OLD mortgage while the REFI is for only 10 years, so I wll actually pay less in interest.... Moreover that is even if I take the REFI to full term. And, as indicated my new total debt (allowing me to have a home and a liveaboard trawler) will be $80K. I hope and intend to actually pay this $80K mortgage off with 2 years. (I am working on some business deals that will allow me to pay this off). Thus I will be mortgage free within 2 years. Then my expenses will be---taxes on the house, marina fees on the boat, insurances on BOTH, maintenance on BOTH and other operating expenses.
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