Getting married in 39 days, he has a house with a mortgage...?

Dawn X

Keep the savings, and start paying toward the mortage the month that you move in.

You might need that savings. Not due to divorce, but what if (I hope not!) you got fired, or came down with cancer or something? Or keep it towards your future kids college educations.

Also, he has been living in the house, and you have been living somewhere else. He has been living in the house and paying the mortage like it's his rent. You have been paying rent where ever you live. If you were to pay him "back rent" it's like having to pay your living expenses twice. That's not fair to you.

Keep saving your money.

Lovely Lady 27

If you put any large amount of money into the house, I would ask that you be put on the deed. You want to cover your tracks. I would talk to him about what he would like. Having a savings will come in handy also. For when the stuff in the house needs fixed like the roof or a new washer/dryer etc...Its a big decision but you should really talk about it maybe talk to a lawyer about it also.

honestly i do not think you should pay him basically what he's paid because you didn't live in that house. you should start contributing towards bills when you move in. i would keep my savings because something may come up! houses are expensive and it's always a good idea to have a nest egg to fall back on. best wishes and congrats

AnswerDude

Mortgages are LOW right now! You can get a 15 year mortgage for about 5% and no more than 5.5%.

Good mutual funds can earn 7% to 10% even in hard times!

KEEP THE SAVINGS continue to pay the mortgage!

YES YOUR MARRIAGE WILL BE WONDERFUL! ! ! ! ! ! ! ! !

One of the main reasons for divorce is finances and it seems both of you have that under control!

leo

First off when you are married it will be both of your money. Second, I would suggest putting a large portion of it toward retirement. I am assuming you are probably pretty young so when you retire you will have lots of money. Since the house will be paid off in two years, it doesn't make sense to pay it off, because you won't be saving much in interest. Put it in a couple good mutual funds, and don't touch it. Or you could put it toward a kids college fund.

siava101

If you can pay off the house in 2 years without dipping into your savings, do that. Maybe you can sneak in an extra payment here and there to surprise him, but I'd hold on to your stash incase of a medical emergency or the like.

I tell it like it is

Hide your cash, and hide it well. Surprise him on occasion with a nice gift, a trip for the two of you to get away, or you could match his payment record if you wanted to. Unless you signed a prenup, half of it is yours as soon as you move in anyways. Being that it is a starter home, you two may feel the need to jump in and get something bigger along the way. You may need to pony up more cash at that time.You decide what works best for you.

Lovely

Lucky you! You can't be British surely, or you could never pay your maortgage off! But congrats on the savings. I think you ought to pay what he has paid towards it, and from then on split mortgage payments equally. You don't want to leave yourself short by giving away all your savings.
Have a great wedding day.

wendy c

keep your money and just help make payments,you never know what is going to happen in the future that you may need some of that money,like one of you getting sick and not being able to work for a while then you will have some money to fall back on

jaded

you know that money in your savings account that is in your name only?????

keep it there and dont touch it. ever.

believe me honey, the day will come when that money will be the difference between easy and hard. make it easy on yourself and keep your money. money that is kept is money that keeps growing and it is an ASSET.

you can pay the mortgage with your income. once you have spent your savings, guess what, now you dont have any savings.

KEEP YOUR OWN MONEY IN YOUR OWN NAME AND DONT SPEND IT.

my son just inherited some money. he asked, should i pay off my bills? i said, no!!!! you make good money,, pay off your bills with your income, and INVEST YOUR MONEYso that you always have it, and it always grows. once you have paid off your bills, it is gone, money invested always grows.

if you have a large savings, keep it in your name only and invest it wisely.

i have been married 28 years. you would not believe if i told you myself how many people at middle age have no money at all in savings. none. and you would think these people are rolling in wealth. why? they bought, spent, bought, spent, and never put money aside. then job loss illness or some other thing caused them to need that money to go on and they could not.

keep your money in your own name. even, have him sign an agreement that since it was your money before marriage it is not part of the community property.

there is no more important thing than a woman having money of her own.

it has nothing to do with whether your marriage will last. you will understand more as you get older. disregard this at your own grave risk.

lazydaysranch

Congratulations on your upcoming marriage! It sounds as if you both are financially conscious and can work together on putting your investments towards their best use.

The fact of having a debt should not be an issue, in fact having debt helps you to build your financial base while using other people's money. In my opinion, you should structure your investment and loans on the basis of what type of return that you can achieve for the money at hand.

Always, always pay off your credit cards on a monthly basis or as quickly as possible. With the ownership of a home you can open a "home equity" line of credit to use for any type of purchase and the interest charge is tax deductible, in turn reducing the actual cost of borrowing money when it is deducted from your year end taxes. In the current marketing environment, you can invest in mutual funds that will return a better rate of interest than the cost of the mortgage interest rate.

If your investment of money is in a savings account, which is lucky to be earning 1% interest at this time you might consider using some of that money towards the house mortgage. The interest that is paid on the house mortgage is also deductable from your year end taxes so it makes good sense to invest any extra money in funds that will pay a higher return and just keep paying the monthly mortgage payment until it is finished.

Also, once the two of you are married, you can talk to a title agent or your attorney about having the deed to the home updated so that you both are identified as the owners of the home rather than just your husband. Talk with your agent or attorney about the differences of "tenancy in common", "joint tenancy with the right of survivorship", "tenancy by entirety", etc. Depending on your life's situation there may be differences as to how you need to take title of the home. If your name is not on the deed, you may still take possession in the event of a premature death of the other spouse, yet it will be dictated by the court through probate or by way of a will that you both should draw up now that you will be tying the knot.

~Carolyn~

Save your money. Marriage is hard. You might need that money to fall back on one day.

Phoebe Finch

Ask him what he thinks is best. You may be better off waiting two years to pay off the house (mortgage tax breaks etc. etc.) and investing some of your savings in low risk investments. I would consult a financial planner. If it's as much money as it sounds like, you'd be wise to give you and your new husband a little nest egg. A professional could help you. I don't think you should pay the house off with it though. Not yet.

Messykatttt

I don't think there's a one size fits all approach.

However, since it sounds like the 2 of you do have a fair amount of funds, it might make sense to sit down and discuss expectations before the wedding. Just because he "hasn't asked" about something doesn't mean it shouldn't be addressed, just to make sure you're both on the same page.

It sounds like you have a lot of options, though, which is always a good thing.

oracleofohio

This is a decision that you should make together. What are your financial goals for the future? If you put money on the house you should also have your name on the deed. You need to consider how much you would save in interest vs how much you might make by investing. Have you considered him selling his house and buying your first home together? You would have a substantial down payment and the house wouldn't be "his" it would be "ours". This might save any stepping on toes when you start re-decorating and living your new routine together...just a thought. Either way you are in a position to be very stable financially and that's a great way to start off a new marriage! Good luck to you both! :)

SLD

If the mortgage that you two will be paying is well within your means, and the house will be paid off in two years I suggest that you KEEP your savings, and consider it his and your savings. The first few years of marriage can be very trying, and that's usually got a lot to do with dwindling savings and rising bills. Having a savings gives you long-term peace of mind. As to people telling you to contribute to bills and such, I think that should be a conversation between you and your husband. Furthermore, those people who are foreseeing your divorce are nuts, it's great you care about your finances as a couple and that you want to help your husband. Keep up the good work! However, it really shouldn't be us you're talking to about this, talk to your husband, communication is the secret to a long-lasting and happy marraige.

Godless

Do not pay it off. Not for marriage reasons, but for financial reasons. Help with house payments and use the money you have as a nest egg for the 2 of you.

haven

I would offer to pay a portion on the house, once youre married. Dont give up your whole savings though. Keep the rest in case things dont work out.

Anna

Even if the marriage will work perfectly it is always good to have your own things... including a nice savings account...
I would probably put in a portion on the house and still keep some.

Congrats on the upcoming!! Best of luck to you.

CamM

Wow! I guess some of these answers give an indication why so many marriages fail. Really surprising.

I don't know what country you live in, but I would suggest buying another house or houses, to boost your overall (together) wealth, and rent them out. The renters help pay the mortgage and you get capital gains. As I say, I don't know what country you live in, so that may not be tax effective. Seek the help of an accountant. Good luck. Marriage is great! 30+ yrs.

jemmamomma

I would put in what he has, and pay it off together in the two years time. Then you will still have some savings just in case you should ever need it.

Yoshiko H

no need to unless in dire straits. a woman needs to have her money - esp if the man turns unfaithful and cheats your feelings. husband is the provider and you help in other ways.

Mable VT is thinking, kinda

Why not try selling the house and starting new? You can both put down an equal portion and just pay the mortgage monthly equally.

I know I would not want to move into someone else's house. It would make me feel like it wasn't my home.

Edit: these people are not saying you will not work out. They are saying it's always a good idea to keep yourself protected. I know I went into my marriage all starry eyed, thinking everything was going to turn out good and that we were in love so we would be able to conquer anything. Didn't turn out so well and I had nothing to fall back on. Keep some money for yourself just in case.

red

You are already making a huge comitment together, I presume you mean to stay and live with him for the forseeable future, so don't hesitate on just doing what will save you both money.
By paying off your mortgage with your savings, you will save a lot that you would've paid in interest. This will reduce your monthly outgoings and give you a better quality of life.
If you can pay it all off now, do it. You can then put money into savings together instead of mortgage payments. This you will earn interest on. Why pay the bank more interest on your mortgage than you are earning on your savings? Get rid of the debt.
I believe that if you are in a relationship, pool your resources together for your life together. If you seperate down the line, you should split it all in half anyway, so you won't loose out. Just make sure that the mortgage will be in both of your names.
Congratulations on your coming marriage.

It's not selfish not to put it in, but you are right in that if you pay off the mortgage and own your own house together, it frees up both your spare wages to put into other saving/pay for kids. You are lucky you can afford to pay off your mortgage, It will be so satisfying to do!!

I don't know why people are thinking that if you keep your savings seperate you will have more money.
You will both have the same amount of money! But you will make more by paying debts off. It's all just moving it around, really. Again, to pay off debts saves you paying interest.

Tim M

Pay some, save some, get a contract.

Cassie

Start paying half when you get married. You don't owe back payments for something you didn't live in.

Sexyeyes

AFTER you get married, you should put forth the same as your b/f. 1/2 the bills and things should be ok

good luck!!!!

Mad Pearl jam fan!!!!!

Hey contribute something because your going to live there
but why not buy a investment property and rent it out and negative gear it for tax reasons and give to your house and some to his and if all go`s wrong its some what nice to have a plan B sorry not to be a jinx on you!!!
Talk to a finance person about how to go about it
when you retire you both will will have 2 property's and nothings as safe as house`s

MARIA

if you can pay the mortgage off between you in 2 years then keep saving for when you have a family. kids do cost a lot over the years and youd probably be wiser saving for anything youll need once they come along.

Double Dachshunds Owner

Check the current interest rate. If he has a mortgage at a good, low rate, then invest your money in something else or help out by making monthly payments toward it. You may also want to consider refinancing the house with the great low rates that are out there now.

In any case be sure to have your name legally added to the deed and other applicable paperwork. This protects you in the event that something unforeseen happens (God forbid) such as: he dies, becomes mentally incapacitated (coma, stroke, etc.) or you later divorce, etc.

longleggedmackdaddy

I do not know that is hard. You would save a lot of interest but if something else comes up then you won't have any money for that.

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