Another Mortgage Situation!
It looks like if we don't sort this out, I am going to be single again after 12 yrs. Four years ago we put down $25,000 (equity from previous home) towards a $135K new construction home. It was the first home in a restricted neighborhood in a very rural area. As it turns out it is now valued at $225K. This is higher priced than 85% of homes on the market in this area. Back in the winter dh decides he wants to move to a better community and we listed our home. This area is rural and homes take a little more time to sell. We went there made a contigency offer on a home and chose to sit on it for a while. Someone else made an offer on that house and we let it go because ours hadn't sold. We would be going from a 4 yr old home to a 20 yr old home and dh decided to stop looking. We now have a couple of prospective buyers and dh wants to bail on selling. All the time, I kept asking DH to go for a lower priced/size home for us. We have 3000 sf for 3 people and no hope of having another child. I have found a nice 3 bedroom 2 bath home in the neighborhood where my inlaws live. My FIL lost a limb last year and could use a little assistance sometimes that dh could give. We could easily sell our home and pay cash for the other home. I am tired of our huge to me housepayment and would like some freedoms before our son is grown and gone. In addition, we have to look at sending him to college in a few years. Now the part we are fighting about! DH wants to refinance for an additional $15K on top of the $105K left on the mortgage for 30 more years. I don't want to do it!
Am I nuts?