5 minutes

We're thinkiing of buying some land, only we have no downpayment and we can only get a loan for 70% or so of the value of the land if we get a land loan. So we're looking at using some equity and getting a 2nd mortgage to pay for the land, plus roll in teh HELOC balance & a CC. We've got a GREAT deal on our 1st mortgage 5.5% interest, payment is $730 a month (including PITI). 2nd loan would be for $13,000 less than 1st and only 15 years instead of 30, plus interest is 7.9%. Payment is $816 a month. That just weirds me out almost too much to do it. Once you roll in the payments to the other things, we're around the $500 a month we were willing to pay for the land, but just seeing the number is freaky. Then we had AFLAC here today to get 'that insurance that pays when you can't work" and I had to figure out how much coverage we wanted and adding that $800 into the 'must pay' column totally freaked me. I know people pay $1500-1800 a month in mortage or rent around here but having a $700-800 one for 8 years has spoiled me.