I am currently splitting equal mortgage payments with my spouse. The mortgage is $980/month ($490 each). We are in the process refinancing to a higher interest rate and using the equity to pay off other higher interest rate debts. To do so, we are receiving $22,000 back at closing. However, I am taking 2/3 of the $22,000 ($14,667) and she will be getting the other 1/3 ($7,333) for different debts. Our new mortgage payment is estimated to be $15,444. Considering the different amount of cash back we will be splitting, what will be a fair amount for us to individually pay towards the new mortgage?
I was originally thinking I would pay 2/3 ($1,029.33), of the new mortgage payment, leaving her to pay the remaining 1/3 ($514.67). But this doesn't seem to make mathematical sense in the long-term. Please advise. Thanks!
I was originally thinking I would pay 2/3 ($1,029.33), of the new mortgage payment, leaving her to pay the remaining 1/3 ($514.67). But this doesn't seem to make mathematical sense in the long-term. Please advise. Thanks!