Lawrence "The Dreamer" Chen's Blog

...but I'm sad

My mother was disappointed that I didn't sink all my cash into the down payment for my condo. I only paid the minimum that was required to close. Sure, if I worked at it, I could come up with an extra 5%. And, it would reduce my monthly payment by about $45 (saving over $16k over the life of the loan....5% is a little over $6k).

But, the plan was to immediately have $5k (and by year end $6k) stashed away as my emergency fund. Perhaps even more than that down the road.....don't know what my comfort level is. Though have twice experienced lay-offs, both lasting 6 months....I should probably plan on rebuilding to this level. And, since my PITH is about 50% more than what I was paying for rent during my last stretch....

Anyways....I won my argument for having an emergency fund now rather than reduce my principal by 5%....because my dishwasher broke today.