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Numbers game

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My wife and I currently own a home and have a 15-year fixed rate at 4.50% that we have had for 3 years. We are considering building a new home but I can't get over loosing such a great rate. We have done all the updates to our current home that we feel we can get the most out of it. We have to decide whether we want to take our profits on this existing home and build or continue to make changes in our house and price ourselves out of the market but have a better interest rate.

My question is...Does it make more sense finacially to stay in a house that was built in 1978 and continue to make improvement just to keep the lower interest rate or build a new house and pay a higher interest rate but less money in updates?