Is Giving Up A 2.5% 15-Year Mortgage For A 6% 30-Year Mortgage To Move Closer To Best Friends With Kids The Same Age 'Crazy?'

Core Insights - A young family is considering upgrading to a larger home for $800,000 with a 6% interest rate, despite having a low-rate mortgage of 2.5% remaining on their current home [1][2] - The family's financial situation includes a combined income of $280,000, allowing them to afford a monthly payment of $4,600 for the new mortgage [2] Financial Considerations - The current mortgage balance is $163,000, which would be paid off in eight years or less, making the low interest rate a significant factor in their decision [1] - The potential new mortgage payment includes taxes and insurance, raising concerns about affordability if unexpected financial challenges arise [3] Lifestyle Factors - The desire to live near friends is a major motivation for the family's move, but there are warnings about the emotional implications of such a decision [4] - Comments from others highlight the importance of considering long-term happiness in the new home, regardless of friendships [4] Professional Guidance - It is suggested that individuals facing similar decisions consult with financial advisors to navigate significant life choices effectively [5]