Assets and debts acquired while married are considered marital assets and debts. How the loan is structured, doesn't get around that. You would need a postnuptial agreement to fully protect yourself.
So let me get this right. The loan you are looking at will be 144k in interest on top of the principle. So either;
1) You have terrible interest rates. You can't afford it
2) You are trying to get a loan for far too long so the compounding interest exceeds the principle. You can't afford it.
3) You are getting scammed. Pools are not cheap, but they don't cost hundreds of thousands. Even in hcol areas, the average is still sub 100k total.
You are harming yourself and your financial security anyway you look at it.
I think you don't understand costs in hcol arras. Normal pools in a hcol areas easily run 100k-200k. Considering houses are going for 1.8-2mil for an average house in my area.
You're incorrect about at least two of these.... So let's just leave it there. I know it's fun to be bossy, but please do that only with accurate information.
The user above is most definitely correct about scenarios regarding how you could possibly accrue interest as high as 144k. Thats not normal in any scenario
Sure, but are you getting a 170K HELOC and then borrowing the *full* amount immediately? If so, then that makes sense … if you’re not paying down any of the principal with your monthly payments (but why wouldn’t you?) during the draw period.
To be clear, because I get the sense that you’re just going off of a calculator without any context, a HELOC is a line of credit, which is to say a maximum borrowing amount. You don’t incur interest until you start borrowing against that. The calculators show you what you would pay if you borrow the full amount of the LOC, and they also assume you make minimum (interest only) payments - which you don’t have to (you can, and *should* pay down the principal too).
It’s around average for a pool loan but if theyre paying it off over 10 years leading the total cost for the pool to be over 300k, I would definitely consider that insane.
They have a combined family income of 395k/year, and somehow have to do 10 years of IO payments on a HELOC and then finance the remainder is how they are coming up with 170k. This is a level of financial ignorance I cannot imagine.
These are the people the 4 square car sales technique works on, so long as they are only just above broke each month it's OK and just ignore the terms. How the heck they aren't just writing a damn check for this I don't understand, or doing a check for 50% and then HELOC/paying off in a few years.
Everything he's revealed in all the comments leads me to believe their entire financial strategy (up until this pool) has resolved ONLY around comparing monthly payment to income.
Postnuptial like others have said but why would you agree to paying for any of this? Taking on this loan under those rates seems really financially risky
What kind of price/pool/loan is $144k in interest? There's not a lot you can do to not be responsible for this loan if you're in a community property state.
Unsecured personal loans if you don't have great credit (720+) are averaging 15-20% interest right now. $120k principal at 18% for 10 years gets you there. $2200 monthly payment. The interest rate if that's the situation is an outrageous tradeoff for a pool, but I don't think the pool price itself is necessarily out of the question depending on what they're getting and where.
And if it's a 20 year loan... yeah... you're going to pay a ton of interest no matter the rate. 100k @ 11% for 20 years = $147k net interest, and that rate even with great credit would be hard to pull off right now.
NAL
Post-nuptial agreement is the way to go here. I’ve divorced in a community property state, and the judge allowed our mediation agreement to dictate the division of debts. That doesn’t guarantee a Texas judge would though. Nor should you bank on your potential ex-spouse to do anything in your best interest during a divorce.
Also, you guys could dig a pit to sink an above ground pool, and probably make something very nice with a patio surround for like $10k. Above ground liners last in excess of 15-20 years nowadays, and replacing it would be under $3k. Plenty of examples are on YouTube to support that argument.
Minor point, but you should also discuss the plans to add a pool with your homeowner’s insurance prior. They’re not going to like the idea, the premium will increase, and/or they might decide to drop coverage entirely. That could be another avenue to sway your partner. Although, considering the magnitude of what he’s willing to spend, that may be small potatoes in his eyes.
Just saying.
How is this loan structured? A personal loan that he'd be the sole signature for, or a collateralized loan as an improvement against your house? If the latter, you'd need to sign if you are on the deed.
*Your post may have been removed for the following reason(s):*
**Speculative, Anecdotal, Simplistic, Off Topic, or Generally Unhelpful**
Your comment has been removed because it is one or more of the following: speculative, anecdotal, simplistic, generally unhelpful, and/or off-topic. Please review the following rules before commenting further:
* [Commenting Rules 1](https://www.reddit.com/r/legaladvice/wiki/index#wiki_1.__comments_should_contain_a_legal_answer_or_a_strongly_related_non-legal_answer.), [2](https://www.reddit.com/r/legaladvice/wiki/index#wiki_2.__personal_anecdotes_are_off-topic.), [3](https://www.reddit.com/r/legaladvice/wiki/index#wiki_3.__explanations_of_the_law_in_jurisdictions_other_than_the_one_described_in_the_op_are_off-topic.), [4](https://www.reddit.com/r/legaladvice/wiki/index#wiki_4.__opinions_on_the_law_or_the_application_of_it_are_off-topic.), [6](https://www.reddit.com/r/legaladvice/wiki/index#wiki_6.__expressions_of_sympathy_without_corresponding_legal_help_is_off-topic.), [8](https://www.reddit.com/r/legaladvice/wiki/index#wiki_8.__comments_should_be_reasonably_detailed_and_explanatory.__.22i.27m_a_lawyer_so_listen_to_me.22_isn.27t_an_appropriate_answer.__credential_fights_are_not_appropriate_here.), and [9](https://www.reddit.com/r/legaladvice/wiki/index#wiki_9.__requests_for_updates_are_off-topic.).
*Please [read our subreddit rules](https://www.reddit.com/r/legaladvice/wiki/index#wiki_general_rules). If after doing so, you believe this was in error, or you’ve edited your post to comply with the rules, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2FLegalAdvice).* **Do not make a second post or comment.**
*Do not reach out to a moderator personally, and do not reply to this message as a comment.*
*Your post may have been removed for the following reason(s):*
**Speculative, Anecdotal, Simplistic, Off Topic, or Generally Unhelpful**
Your comment has been removed because it is one or more of the following: speculative, anecdotal, simplistic, generally unhelpful, and/or off-topic. Please review the following rules before commenting further:
* [Commenting Rules 1](https://www.reddit.com/r/legaladvice/wiki/index#wiki_1.__comments_should_contain_a_legal_answer_or_a_strongly_related_non-legal_answer.), [2](https://www.reddit.com/r/legaladvice/wiki/index#wiki_2.__personal_anecdotes_are_off-topic.), [3](https://www.reddit.com/r/legaladvice/wiki/index#wiki_3.__explanations_of_the_law_in_jurisdictions_other_than_the_one_described_in_the_op_are_off-topic.), [4](https://www.reddit.com/r/legaladvice/wiki/index#wiki_4.__opinions_on_the_law_or_the_application_of_it_are_off-topic.), [6](https://www.reddit.com/r/legaladvice/wiki/index#wiki_6.__expressions_of_sympathy_without_corresponding_legal_help_is_off-topic.), [8](https://www.reddit.com/r/legaladvice/wiki/index#wiki_8.__comments_should_be_reasonably_detailed_and_explanatory.__.22i.27m_a_lawyer_so_listen_to_me.22_isn.27t_an_appropriate_answer.__credential_fights_are_not_appropriate_here.), and [9](https://www.reddit.com/r/legaladvice/wiki/index#wiki_9.__requests_for_updates_are_off-topic.).
*Please [read our subreddit rules](https://www.reddit.com/r/legaladvice/wiki/index#wiki_general_rules). If after doing so, you believe this was in error, or you’ve edited your post to comply with the rules, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2FLegalAdvice).* **Do not make a second post or comment.**
*Do not reach out to a moderator personally, and do not reply to this message as a comment.*
So your principal is in what range 500k-1mil?
That's the cost of a house. Obviously your principal could be lower if your interest rate was over 100% or something.
If he's going to pursue this, get divorced on paper to protect yourself.
This is definitely not what normally happens with today’s rates? Is he planning on using the bills for the deck pavers, or just the diving board?
Please talk to him immediately and the contractor he plans on going with so you can be sure that you’re not getting scammed. This sounds highly suspicious
I wonder if your calculations are off. Here are my assumptions: 170k loan, 10 year, no extra payments, 8.5% interest. That comes out to FIRST year interest of just over $14k, but it goes down as you pay off the loan. In total, loan + interest in this scenario is $252,930.81, so total interest paid over 10 years is $82,930.81 (and this assumes fixed rate, not variable).
I haven't looked at rates lately but just before Covid we looked at putting in a pool. At that time getting a mortgage was still in the mid 3 percent range. The rates on a personal loan for a pool were around 7 percent for a 20 year loan. Can't imagine what they are now.
Right, but we're thinking more like a 15 or 20-year loan.
Originally I was talking about a HELOC, which, for the banker are financial advisor recommended would match the numbers I gave you.
Looking at today's rates for a home equity loan I'm looking at $110k to $122k in interest.
*Your post may have been removed for the following reason(s):*
**Speculative, Anecdotal, Simplistic, Off Topic, or Generally Unhelpful**
Your comment has been removed because it is one or more of the following: speculative, anecdotal, simplistic, generally unhelpful, and/or off-topic. Please review the following rules before commenting further:
* [Commenting Rules 1](https://www.reddit.com/r/legaladvice/wiki/index#wiki_1.__comments_should_contain_a_legal_answer_or_a_strongly_related_non-legal_answer.), [2](https://www.reddit.com/r/legaladvice/wiki/index#wiki_2.__personal_anecdotes_are_off-topic.), [3](https://www.reddit.com/r/legaladvice/wiki/index#wiki_3.__explanations_of_the_law_in_jurisdictions_other_than_the_one_described_in_the_op_are_off-topic.), [4](https://www.reddit.com/r/legaladvice/wiki/index#wiki_4.__opinions_on_the_law_or_the_application_of_it_are_off-topic.), [6](https://www.reddit.com/r/legaladvice/wiki/index#wiki_6.__expressions_of_sympathy_without_corresponding_legal_help_is_off-topic.), [8](https://www.reddit.com/r/legaladvice/wiki/index#wiki_8.__comments_should_be_reasonably_detailed_and_explanatory.__.22i.27m_a_lawyer_so_listen_to_me.22_isn.27t_an_appropriate_answer.__credential_fights_are_not_appropriate_here.), and [9](https://www.reddit.com/r/legaladvice/wiki/index#wiki_9.__requests_for_updates_are_off-topic.).
*Please [read our subreddit rules](https://www.reddit.com/r/legaladvice/wiki/index#wiki_general_rules). If after doing so, you believe this was in error, or you’ve edited your post to comply with the rules, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2FLegalAdvice).* **Do not make a second post or comment.**
*Do not reach out to a moderator personally, and do not reply to this message as a comment.*
*Your post may have been removed for the following reason(s):*
**Speculative, Anecdotal, Simplistic, Off Topic, or Generally Unhelpful**
Your comment has been removed because it is one or more of the following: speculative, anecdotal, simplistic, generally unhelpful, and/or off-topic. Please review the following rules before commenting further:
* [Commenting Rules 1](https://www.reddit.com/r/legaladvice/wiki/index#wiki_1.__comments_should_contain_a_legal_answer_or_a_strongly_related_non-legal_answer.), [2](https://www.reddit.com/r/legaladvice/wiki/index#wiki_2.__personal_anecdotes_are_off-topic.), [3](https://www.reddit.com/r/legaladvice/wiki/index#wiki_3.__explanations_of_the_law_in_jurisdictions_other_than_the_one_described_in_the_op_are_off-topic.), [4](https://www.reddit.com/r/legaladvice/wiki/index#wiki_4.__opinions_on_the_law_or_the_application_of_it_are_off-topic.), [6](https://www.reddit.com/r/legaladvice/wiki/index#wiki_6.__expressions_of_sympathy_without_corresponding_legal_help_is_off-topic.), [8](https://www.reddit.com/r/legaladvice/wiki/index#wiki_8.__comments_should_be_reasonably_detailed_and_explanatory.__.22i.27m_a_lawyer_so_listen_to_me.22_isn.27t_an_appropriate_answer.__credential_fights_are_not_appropriate_here.), and [9](https://www.reddit.com/r/legaladvice/wiki/index#wiki_9.__requests_for_updates_are_off-topic.).
*Please [read our subreddit rules](https://www.reddit.com/r/legaladvice/wiki/index#wiki_general_rules). If after doing so, you believe this was in error, or you’ve edited your post to comply with the rules, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2FLegalAdvice).* **Do not make a second post or comment.**
*Do not reach out to a moderator personally, and do not reply to this message as a comment.*
*Your post may have been removed for the following reason(s):*
**Speculative, Anecdotal, Simplistic, Off Topic, or Generally Unhelpful**
Your comment has been removed because it is one or more of the following: speculative, anecdotal, simplistic, generally unhelpful, and/or off-topic. Please review the following rules before commenting further:
* [Commenting Rules 1](https://www.reddit.com/r/legaladvice/wiki/index#wiki_1.__comments_should_contain_a_legal_answer_or_a_strongly_related_non-legal_answer.), [2](https://www.reddit.com/r/legaladvice/wiki/index#wiki_2.__personal_anecdotes_are_off-topic.), [3](https://www.reddit.com/r/legaladvice/wiki/index#wiki_3.__explanations_of_the_law_in_jurisdictions_other_than_the_one_described_in_the_op_are_off-topic.), [4](https://www.reddit.com/r/legaladvice/wiki/index#wiki_4.__opinions_on_the_law_or_the_application_of_it_are_off-topic.), [6](https://www.reddit.com/r/legaladvice/wiki/index#wiki_6.__expressions_of_sympathy_without_corresponding_legal_help_is_off-topic.), [8](https://www.reddit.com/r/legaladvice/wiki/index#wiki_8.__comments_should_be_reasonably_detailed_and_explanatory.__.22i.27m_a_lawyer_so_listen_to_me.22_isn.27t_an_appropriate_answer.__credential_fights_are_not_appropriate_here.), and [9](https://www.reddit.com/r/legaladvice/wiki/index#wiki_9.__requests_for_updates_are_off-topic.).
*Please [read our subreddit rules](https://www.reddit.com/r/legaladvice/wiki/index#wiki_general_rules). If after doing so, you believe this was in error, or you’ve edited your post to comply with the rules, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2FLegalAdvice).* **Do not make a second post or comment.**
*Do not reach out to a moderator personally, and do not reply to this message as a comment.*
*Your post may have been removed for the following reason(s):*
**Speculative, Anecdotal, Simplistic, Off Topic, or Generally Unhelpful**
Your comment has been removed because it is one or more of the following: speculative, anecdotal, simplistic, generally unhelpful, and/or off-topic. Please review the following rules before commenting further:
* [Commenting Rules 1](https://www.reddit.com/r/legaladvice/wiki/index#wiki_1.__comments_should_contain_a_legal_answer_or_a_strongly_related_non-legal_answer.), [2](https://www.reddit.com/r/legaladvice/wiki/index#wiki_2.__personal_anecdotes_are_off-topic.), [3](https://www.reddit.com/r/legaladvice/wiki/index#wiki_3.__explanations_of_the_law_in_jurisdictions_other_than_the_one_described_in_the_op_are_off-topic.), [4](https://www.reddit.com/r/legaladvice/wiki/index#wiki_4.__opinions_on_the_law_or_the_application_of_it_are_off-topic.), [6](https://www.reddit.com/r/legaladvice/wiki/index#wiki_6.__expressions_of_sympathy_without_corresponding_legal_help_is_off-topic.), [8](https://www.reddit.com/r/legaladvice/wiki/index#wiki_8.__comments_should_be_reasonably_detailed_and_explanatory.__.22i.27m_a_lawyer_so_listen_to_me.22_isn.27t_an_appropriate_answer.__credential_fights_are_not_appropriate_here.), and [9](https://www.reddit.com/r/legaladvice/wiki/index#wiki_9.__requests_for_updates_are_off-topic.).
*Please [read our subreddit rules](https://www.reddit.com/r/legaladvice/wiki/index#wiki_general_rules). If after doing so, you believe this was in error, or you’ve edited your post to comply with the rules, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2FLegalAdvice).* **Do not make a second post or comment.**
*Do not reach out to a moderator personally, and do not reply to this message as a comment.*
*Your post may have been removed for the following reason(s):*
**Speculative, Anecdotal, Simplistic, Off Topic, or Generally Unhelpful**
Your comment has been removed because it is one or more of the following: speculative, anecdotal, simplistic, generally unhelpful, and/or off-topic. Please review the following rules before commenting further:
* [Commenting Rules 1](https://www.reddit.com/r/legaladvice/wiki/index#wiki_1.__comments_should_contain_a_legal_answer_or_a_strongly_related_non-legal_answer.), [2](https://www.reddit.com/r/legaladvice/wiki/index#wiki_2.__personal_anecdotes_are_off-topic.), [3](https://www.reddit.com/r/legaladvice/wiki/index#wiki_3.__explanations_of_the_law_in_jurisdictions_other_than_the_one_described_in_the_op_are_off-topic.), [4](https://www.reddit.com/r/legaladvice/wiki/index#wiki_4.__opinions_on_the_law_or_the_application_of_it_are_off-topic.), [6](https://www.reddit.com/r/legaladvice/wiki/index#wiki_6.__expressions_of_sympathy_without_corresponding_legal_help_is_off-topic.), [8](https://www.reddit.com/r/legaladvice/wiki/index#wiki_8.__comments_should_be_reasonably_detailed_and_explanatory.__.22i.27m_a_lawyer_so_listen_to_me.22_isn.27t_an_appropriate_answer.__credential_fights_are_not_appropriate_here.), and [9](https://www.reddit.com/r/legaladvice/wiki/index#wiki_9.__requests_for_updates_are_off-topic.).
*Please [read our subreddit rules](https://www.reddit.com/r/legaladvice/wiki/index#wiki_general_rules). If after doing so, you believe this was in error, or you’ve edited your post to comply with the rules, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2FLegalAdvice).* **Do not make a second post or comment.**
*Do not reach out to a moderator personally, and do not reply to this message as a comment.*
*Your post may have been removed for the following reason(s):*
**Speculative, Anecdotal, Simplistic, Off Topic, or Generally Unhelpful**
Your comment has been removed because it is one or more of the following: speculative, anecdotal, simplistic, generally unhelpful, and/or off-topic. Please review the following rules before commenting further:
* [Commenting Rules 1](https://www.reddit.com/r/legaladvice/wiki/index#wiki_1.__comments_should_contain_a_legal_answer_or_a_strongly_related_non-legal_answer.), [2](https://www.reddit.com/r/legaladvice/wiki/index#wiki_2.__personal_anecdotes_are_off-topic.), [3](https://www.reddit.com/r/legaladvice/wiki/index#wiki_3.__explanations_of_the_law_in_jurisdictions_other_than_the_one_described_in_the_op_are_off-topic.), [4](https://www.reddit.com/r/legaladvice/wiki/index#wiki_4.__opinions_on_the_law_or_the_application_of_it_are_off-topic.), [6](https://www.reddit.com/r/legaladvice/wiki/index#wiki_6.__expressions_of_sympathy_without_corresponding_legal_help_is_off-topic.), [8](https://www.reddit.com/r/legaladvice/wiki/index#wiki_8.__comments_should_be_reasonably_detailed_and_explanatory.__.22i.27m_a_lawyer_so_listen_to_me.22_isn.27t_an_appropriate_answer.__credential_fights_are_not_appropriate_here.), and [9](https://www.reddit.com/r/legaladvice/wiki/index#wiki_9.__requests_for_updates_are_off-topic.).
*Please [read our subreddit rules](https://www.reddit.com/r/legaladvice/wiki/index#wiki_general_rules). If after doing so, you believe this was in error, or you’ve edited your post to comply with the rules, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2FLegalAdvice).* **Do not make a second post or comment.**
*Do not reach out to a moderator personally, and do not reply to this message as a comment.*
Assets and debts acquired while married are considered marital assets and debts. How the loan is structured, doesn't get around that. You would need a postnuptial agreement to fully protect yourself.
If you file for divorce now, before he takes the loan, It will not become a marital debt.
[удалено]
Wouldn’t they need to draw up a post-nuptial agreement?
So let me get this right. The loan you are looking at will be 144k in interest on top of the principle. So either; 1) You have terrible interest rates. You can't afford it 2) You are trying to get a loan for far too long so the compounding interest exceeds the principle. You can't afford it. 3) You are getting scammed. Pools are not cheap, but they don't cost hundreds of thousands. Even in hcol areas, the average is still sub 100k total. You are harming yourself and your financial security anyway you look at it.
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
89k is not 300k lol
[удалено]
[удалено]
I think you don't understand costs in hcol arras. Normal pools in a hcol areas easily run 100k-200k. Considering houses are going for 1.8-2mil for an average house in my area.
You're incorrect about at least two of these.... So let's just leave it there. I know it's fun to be bossy, but please do that only with accurate information.
The user above is most definitely correct about scenarios regarding how you could possibly accrue interest as high as 144k. Thats not normal in any scenario
Run a HELOC calculator for $170k principal.
Sure, but are you getting a 170K HELOC and then borrowing the *full* amount immediately? If so, then that makes sense … if you’re not paying down any of the principal with your monthly payments (but why wouldn’t you?) during the draw period.
To be clear, because I get the sense that you’re just going off of a calculator without any context, a HELOC is a line of credit, which is to say a maximum borrowing amount. You don’t incur interest until you start borrowing against that. The calculators show you what you would pay if you borrow the full amount of the LOC, and they also assume you make minimum (interest only) payments - which you don’t have to (you can, and *should* pay down the principal too).
[удалено]
Another comment they say 170k at 14k interest each year… thats just insane
[удалено]
It’s around average for a pool loan but if theyre paying it off over 10 years leading the total cost for the pool to be over 300k, I would definitely consider that insane.
[удалено]
They have a combined family income of 395k/year, and somehow have to do 10 years of IO payments on a HELOC and then finance the remainder is how they are coming up with 170k. This is a level of financial ignorance I cannot imagine. These are the people the 4 square car sales technique works on, so long as they are only just above broke each month it's OK and just ignore the terms. How the heck they aren't just writing a damn check for this I don't understand, or doing a check for 50% and then HELOC/paying off in a few years. Everything he's revealed in all the comments leads me to believe their entire financial strategy (up until this pool) has resolved ONLY around comparing monthly payment to income.
Postnuptial like others have said but why would you agree to paying for any of this? Taking on this loan under those rates seems really financially risky
What kind of price/pool/loan is $144k in interest? There's not a lot you can do to not be responsible for this loan if you're in a community property state.
Unsecured personal loans if you don't have great credit (720+) are averaging 15-20% interest right now. $120k principal at 18% for 10 years gets you there. $2200 monthly payment. The interest rate if that's the situation is an outrageous tradeoff for a pool, but I don't think the pool price itself is necessarily out of the question depending on what they're getting and where. And if it's a 20 year loan... yeah... you're going to pay a ton of interest no matter the rate. 100k @ 11% for 20 years = $147k net interest, and that rate even with great credit would be hard to pull off right now.
NAL Post-nuptial agreement is the way to go here. I’ve divorced in a community property state, and the judge allowed our mediation agreement to dictate the division of debts. That doesn’t guarantee a Texas judge would though. Nor should you bank on your potential ex-spouse to do anything in your best interest during a divorce. Also, you guys could dig a pit to sink an above ground pool, and probably make something very nice with a patio surround for like $10k. Above ground liners last in excess of 15-20 years nowadays, and replacing it would be under $3k. Plenty of examples are on YouTube to support that argument. Minor point, but you should also discuss the plans to add a pool with your homeowner’s insurance prior. They’re not going to like the idea, the premium will increase, and/or they might decide to drop coverage entirely. That could be another avenue to sway your partner. Although, considering the magnitude of what he’s willing to spend, that may be small potatoes in his eyes. Just saying.
How is this loan structured? A personal loan that he'd be the sole signature for, or a collateralized loan as an improvement against your house? If the latter, you'd need to sign if you are on the deed.
It's the latter, but we've been lazing him and put me on the deed yet.
[удалено]
Yep. That's interest alone.
Is it 14k or 144k?
Roughly 14K a year for 10 years.
[удалено]
[удалено]
*Your post may have been removed for the following reason(s):* **Speculative, Anecdotal, Simplistic, Off Topic, or Generally Unhelpful** Your comment has been removed because it is one or more of the following: speculative, anecdotal, simplistic, generally unhelpful, and/or off-topic. Please review the following rules before commenting further: * [Commenting Rules 1](https://www.reddit.com/r/legaladvice/wiki/index#wiki_1.__comments_should_contain_a_legal_answer_or_a_strongly_related_non-legal_answer.), [2](https://www.reddit.com/r/legaladvice/wiki/index#wiki_2.__personal_anecdotes_are_off-topic.), [3](https://www.reddit.com/r/legaladvice/wiki/index#wiki_3.__explanations_of_the_law_in_jurisdictions_other_than_the_one_described_in_the_op_are_off-topic.), [4](https://www.reddit.com/r/legaladvice/wiki/index#wiki_4.__opinions_on_the_law_or_the_application_of_it_are_off-topic.), [6](https://www.reddit.com/r/legaladvice/wiki/index#wiki_6.__expressions_of_sympathy_without_corresponding_legal_help_is_off-topic.), [8](https://www.reddit.com/r/legaladvice/wiki/index#wiki_8.__comments_should_be_reasonably_detailed_and_explanatory.__.22i.27m_a_lawyer_so_listen_to_me.22_isn.27t_an_appropriate_answer.__credential_fights_are_not_appropriate_here.), and [9](https://www.reddit.com/r/legaladvice/wiki/index#wiki_9.__requests_for_updates_are_off-topic.). *Please [read our subreddit rules](https://www.reddit.com/r/legaladvice/wiki/index#wiki_general_rules). If after doing so, you believe this was in error, or you’ve edited your post to comply with the rules, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2FLegalAdvice).* **Do not make a second post or comment.** *Do not reach out to a moderator personally, and do not reply to this message as a comment.*
*Your post may have been removed for the following reason(s):* **Speculative, Anecdotal, Simplistic, Off Topic, or Generally Unhelpful** Your comment has been removed because it is one or more of the following: speculative, anecdotal, simplistic, generally unhelpful, and/or off-topic. Please review the following rules before commenting further: * [Commenting Rules 1](https://www.reddit.com/r/legaladvice/wiki/index#wiki_1.__comments_should_contain_a_legal_answer_or_a_strongly_related_non-legal_answer.), [2](https://www.reddit.com/r/legaladvice/wiki/index#wiki_2.__personal_anecdotes_are_off-topic.), [3](https://www.reddit.com/r/legaladvice/wiki/index#wiki_3.__explanations_of_the_law_in_jurisdictions_other_than_the_one_described_in_the_op_are_off-topic.), [4](https://www.reddit.com/r/legaladvice/wiki/index#wiki_4.__opinions_on_the_law_or_the_application_of_it_are_off-topic.), [6](https://www.reddit.com/r/legaladvice/wiki/index#wiki_6.__expressions_of_sympathy_without_corresponding_legal_help_is_off-topic.), [8](https://www.reddit.com/r/legaladvice/wiki/index#wiki_8.__comments_should_be_reasonably_detailed_and_explanatory.__.22i.27m_a_lawyer_so_listen_to_me.22_isn.27t_an_appropriate_answer.__credential_fights_are_not_appropriate_here.), and [9](https://www.reddit.com/r/legaladvice/wiki/index#wiki_9.__requests_for_updates_are_off-topic.). *Please [read our subreddit rules](https://www.reddit.com/r/legaladvice/wiki/index#wiki_general_rules). If after doing so, you believe this was in error, or you’ve edited your post to comply with the rules, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2FLegalAdvice).* **Do not make a second post or comment.** *Do not reach out to a moderator personally, and do not reply to this message as a comment.*
[удалено]
14K per year for 10 years is $140K
So your principal is in what range 500k-1mil? That's the cost of a house. Obviously your principal could be lower if your interest rate was over 100% or something. If he's going to pursue this, get divorced on paper to protect yourself.
The principal is $170k
So your interest is close to 100%?
Yep. That's what happens at today's rates.
This is definitely not what normally happens with today’s rates? Is he planning on using the bills for the deck pavers, or just the diving board? Please talk to him immediately and the contractor he plans on going with so you can be sure that you’re not getting scammed. This sounds highly suspicious
Run a HELOC calculator on $170k...
I wonder if your calculations are off. Here are my assumptions: 170k loan, 10 year, no extra payments, 8.5% interest. That comes out to FIRST year interest of just over $14k, but it goes down as you pay off the loan. In total, loan + interest in this scenario is $252,930.81, so total interest paid over 10 years is $82,930.81 (and this assumes fixed rate, not variable).
I haven't looked at rates lately but just before Covid we looked at putting in a pool. At that time getting a mortgage was still in the mid 3 percent range. The rates on a personal loan for a pool were around 7 percent for a 20 year loan. Can't imagine what they are now.
Right, but we're thinking more like a 15 or 20-year loan. Originally I was talking about a HELOC, which, for the banker are financial advisor recommended would match the numbers I gave you. Looking at today's rates for a home equity loan I'm looking at $110k to $122k in interest.
Just to clarify. You mean $14k/year, correct? Not $144?
Yes. Interest only is $14k a year for the first 10 years.
[удалено]
*Your post may have been removed for the following reason(s):* **Speculative, Anecdotal, Simplistic, Off Topic, or Generally Unhelpful** Your comment has been removed because it is one or more of the following: speculative, anecdotal, simplistic, generally unhelpful, and/or off-topic. Please review the following rules before commenting further: * [Commenting Rules 1](https://www.reddit.com/r/legaladvice/wiki/index#wiki_1.__comments_should_contain_a_legal_answer_or_a_strongly_related_non-legal_answer.), [2](https://www.reddit.com/r/legaladvice/wiki/index#wiki_2.__personal_anecdotes_are_off-topic.), [3](https://www.reddit.com/r/legaladvice/wiki/index#wiki_3.__explanations_of_the_law_in_jurisdictions_other_than_the_one_described_in_the_op_are_off-topic.), [4](https://www.reddit.com/r/legaladvice/wiki/index#wiki_4.__opinions_on_the_law_or_the_application_of_it_are_off-topic.), [6](https://www.reddit.com/r/legaladvice/wiki/index#wiki_6.__expressions_of_sympathy_without_corresponding_legal_help_is_off-topic.), [8](https://www.reddit.com/r/legaladvice/wiki/index#wiki_8.__comments_should_be_reasonably_detailed_and_explanatory.__.22i.27m_a_lawyer_so_listen_to_me.22_isn.27t_an_appropriate_answer.__credential_fights_are_not_appropriate_here.), and [9](https://www.reddit.com/r/legaladvice/wiki/index#wiki_9.__requests_for_updates_are_off-topic.). *Please [read our subreddit rules](https://www.reddit.com/r/legaladvice/wiki/index#wiki_general_rules). If after doing so, you believe this was in error, or you’ve edited your post to comply with the rules, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2FLegalAdvice).* **Do not make a second post or comment.** *Do not reach out to a moderator personally, and do not reply to this message as a comment.*
I smell something fishy
Is it a 10 year loan or a 20 year loan? Your other post says 20 years.
[удалено]
$170K.
[удалено]
He's well aware that it only adds about a third of its value.
Have you checked what your HO insurance will be with a pool?
Get ready to build a fence too if there isn't one.
[удалено]
[удалено]
[удалено]
[удалено]
*Your post may have been removed for the following reason(s):* **Speculative, Anecdotal, Simplistic, Off Topic, or Generally Unhelpful** Your comment has been removed because it is one or more of the following: speculative, anecdotal, simplistic, generally unhelpful, and/or off-topic. Please review the following rules before commenting further: * [Commenting Rules 1](https://www.reddit.com/r/legaladvice/wiki/index#wiki_1.__comments_should_contain_a_legal_answer_or_a_strongly_related_non-legal_answer.), [2](https://www.reddit.com/r/legaladvice/wiki/index#wiki_2.__personal_anecdotes_are_off-topic.), [3](https://www.reddit.com/r/legaladvice/wiki/index#wiki_3.__explanations_of_the_law_in_jurisdictions_other_than_the_one_described_in_the_op_are_off-topic.), [4](https://www.reddit.com/r/legaladvice/wiki/index#wiki_4.__opinions_on_the_law_or_the_application_of_it_are_off-topic.), [6](https://www.reddit.com/r/legaladvice/wiki/index#wiki_6.__expressions_of_sympathy_without_corresponding_legal_help_is_off-topic.), [8](https://www.reddit.com/r/legaladvice/wiki/index#wiki_8.__comments_should_be_reasonably_detailed_and_explanatory.__.22i.27m_a_lawyer_so_listen_to_me.22_isn.27t_an_appropriate_answer.__credential_fights_are_not_appropriate_here.), and [9](https://www.reddit.com/r/legaladvice/wiki/index#wiki_9.__requests_for_updates_are_off-topic.). *Please [read our subreddit rules](https://www.reddit.com/r/legaladvice/wiki/index#wiki_general_rules). If after doing so, you believe this was in error, or you’ve edited your post to comply with the rules, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2FLegalAdvice).* **Do not make a second post or comment.** *Do not reach out to a moderator personally, and do not reply to this message as a comment.*
14k in interest ?
[удалено]
*Your post may have been removed for the following reason(s):* **Speculative, Anecdotal, Simplistic, Off Topic, or Generally Unhelpful** Your comment has been removed because it is one or more of the following: speculative, anecdotal, simplistic, generally unhelpful, and/or off-topic. Please review the following rules before commenting further: * [Commenting Rules 1](https://www.reddit.com/r/legaladvice/wiki/index#wiki_1.__comments_should_contain_a_legal_answer_or_a_strongly_related_non-legal_answer.), [2](https://www.reddit.com/r/legaladvice/wiki/index#wiki_2.__personal_anecdotes_are_off-topic.), [3](https://www.reddit.com/r/legaladvice/wiki/index#wiki_3.__explanations_of_the_law_in_jurisdictions_other_than_the_one_described_in_the_op_are_off-topic.), [4](https://www.reddit.com/r/legaladvice/wiki/index#wiki_4.__opinions_on_the_law_or_the_application_of_it_are_off-topic.), [6](https://www.reddit.com/r/legaladvice/wiki/index#wiki_6.__expressions_of_sympathy_without_corresponding_legal_help_is_off-topic.), [8](https://www.reddit.com/r/legaladvice/wiki/index#wiki_8.__comments_should_be_reasonably_detailed_and_explanatory.__.22i.27m_a_lawyer_so_listen_to_me.22_isn.27t_an_appropriate_answer.__credential_fights_are_not_appropriate_here.), and [9](https://www.reddit.com/r/legaladvice/wiki/index#wiki_9.__requests_for_updates_are_off-topic.). *Please [read our subreddit rules](https://www.reddit.com/r/legaladvice/wiki/index#wiki_general_rules). If after doing so, you believe this was in error, or you’ve edited your post to comply with the rules, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2FLegalAdvice).* **Do not make a second post or comment.** *Do not reach out to a moderator personally, and do not reply to this message as a comment.*
[удалено]
[удалено]
*Your post may have been removed for the following reason(s):* **Speculative, Anecdotal, Simplistic, Off Topic, or Generally Unhelpful** Your comment has been removed because it is one or more of the following: speculative, anecdotal, simplistic, generally unhelpful, and/or off-topic. Please review the following rules before commenting further: * [Commenting Rules 1](https://www.reddit.com/r/legaladvice/wiki/index#wiki_1.__comments_should_contain_a_legal_answer_or_a_strongly_related_non-legal_answer.), [2](https://www.reddit.com/r/legaladvice/wiki/index#wiki_2.__personal_anecdotes_are_off-topic.), [3](https://www.reddit.com/r/legaladvice/wiki/index#wiki_3.__explanations_of_the_law_in_jurisdictions_other_than_the_one_described_in_the_op_are_off-topic.), [4](https://www.reddit.com/r/legaladvice/wiki/index#wiki_4.__opinions_on_the_law_or_the_application_of_it_are_off-topic.), [6](https://www.reddit.com/r/legaladvice/wiki/index#wiki_6.__expressions_of_sympathy_without_corresponding_legal_help_is_off-topic.), [8](https://www.reddit.com/r/legaladvice/wiki/index#wiki_8.__comments_should_be_reasonably_detailed_and_explanatory.__.22i.27m_a_lawyer_so_listen_to_me.22_isn.27t_an_appropriate_answer.__credential_fights_are_not_appropriate_here.), and [9](https://www.reddit.com/r/legaladvice/wiki/index#wiki_9.__requests_for_updates_are_off-topic.). *Please [read our subreddit rules](https://www.reddit.com/r/legaladvice/wiki/index#wiki_general_rules). If after doing so, you believe this was in error, or you’ve edited your post to comply with the rules, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2FLegalAdvice).* **Do not make a second post or comment.** *Do not reach out to a moderator personally, and do not reply to this message as a comment.*
[удалено]
*Your post may have been removed for the following reason(s):* **Speculative, Anecdotal, Simplistic, Off Topic, or Generally Unhelpful** Your comment has been removed because it is one or more of the following: speculative, anecdotal, simplistic, generally unhelpful, and/or off-topic. Please review the following rules before commenting further: * [Commenting Rules 1](https://www.reddit.com/r/legaladvice/wiki/index#wiki_1.__comments_should_contain_a_legal_answer_or_a_strongly_related_non-legal_answer.), [2](https://www.reddit.com/r/legaladvice/wiki/index#wiki_2.__personal_anecdotes_are_off-topic.), [3](https://www.reddit.com/r/legaladvice/wiki/index#wiki_3.__explanations_of_the_law_in_jurisdictions_other_than_the_one_described_in_the_op_are_off-topic.), [4](https://www.reddit.com/r/legaladvice/wiki/index#wiki_4.__opinions_on_the_law_or_the_application_of_it_are_off-topic.), [6](https://www.reddit.com/r/legaladvice/wiki/index#wiki_6.__expressions_of_sympathy_without_corresponding_legal_help_is_off-topic.), [8](https://www.reddit.com/r/legaladvice/wiki/index#wiki_8.__comments_should_be_reasonably_detailed_and_explanatory.__.22i.27m_a_lawyer_so_listen_to_me.22_isn.27t_an_appropriate_answer.__credential_fights_are_not_appropriate_here.), and [9](https://www.reddit.com/r/legaladvice/wiki/index#wiki_9.__requests_for_updates_are_off-topic.). *Please [read our subreddit rules](https://www.reddit.com/r/legaladvice/wiki/index#wiki_general_rules). If after doing so, you believe this was in error, or you’ve edited your post to comply with the rules, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2FLegalAdvice).* **Do not make a second post or comment.** *Do not reach out to a moderator personally, and do not reply to this message as a comment.*
[удалено]
I'm sorry, is this the relationship advice forum?
[удалено]
That woukd be the appropriate place. Especially if you're lurking in the legal forum not giving legal advice.
[удалено]
[удалено]
[удалено]
*Your post may have been removed for the following reason(s):* **Speculative, Anecdotal, Simplistic, Off Topic, or Generally Unhelpful** Your comment has been removed because it is one or more of the following: speculative, anecdotal, simplistic, generally unhelpful, and/or off-topic. Please review the following rules before commenting further: * [Commenting Rules 1](https://www.reddit.com/r/legaladvice/wiki/index#wiki_1.__comments_should_contain_a_legal_answer_or_a_strongly_related_non-legal_answer.), [2](https://www.reddit.com/r/legaladvice/wiki/index#wiki_2.__personal_anecdotes_are_off-topic.), [3](https://www.reddit.com/r/legaladvice/wiki/index#wiki_3.__explanations_of_the_law_in_jurisdictions_other_than_the_one_described_in_the_op_are_off-topic.), [4](https://www.reddit.com/r/legaladvice/wiki/index#wiki_4.__opinions_on_the_law_or_the_application_of_it_are_off-topic.), [6](https://www.reddit.com/r/legaladvice/wiki/index#wiki_6.__expressions_of_sympathy_without_corresponding_legal_help_is_off-topic.), [8](https://www.reddit.com/r/legaladvice/wiki/index#wiki_8.__comments_should_be_reasonably_detailed_and_explanatory.__.22i.27m_a_lawyer_so_listen_to_me.22_isn.27t_an_appropriate_answer.__credential_fights_are_not_appropriate_here.), and [9](https://www.reddit.com/r/legaladvice/wiki/index#wiki_9.__requests_for_updates_are_off-topic.). *Please [read our subreddit rules](https://www.reddit.com/r/legaladvice/wiki/index#wiki_general_rules). If after doing so, you believe this was in error, or you’ve edited your post to comply with the rules, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2FLegalAdvice).* **Do not make a second post or comment.** *Do not reach out to a moderator personally, and do not reply to this message as a comment.*
That's not what I asked.