"You Have No Mortgage, Pay Off Your Debt!"

The Ramsey Show Highlights

Ramsey Network

Business, Investing, Education, Self-improvement

4.5 • 839 Ratings

🗓️ 14 November 2025

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Transcript

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0:00.0	Brought to you by the Every Dollar app.
0:04.3	Start budgeting for free today.
0:06.6	I had a question about converting a home equity line of credit over to like a 12 or 15-year mortgage
0:14.0	because we're not making any progress.
0:16.5	We're just paying interest only right now and will for the foreseeable future.
0:20.2	Okay, because of the payment
0:21.3	and that's what you guys can afford or what? We pay a ridiculous amount for private school
0:29.7	education for four kids and that's kind of locked down our monthly, I guess, ability to make any progress.
0:39.9	How much is the HELOC and how much is the tuition for the four kids?
0:45.5	Sure.
0:46.1	So the interest-only payment or how much do we owe on the HELC?
0:50.5	Why don't you tell me both?
0:51.6	What's the total amount and how much do you pay every month?
1:03.0	Sure. So we owe $65,2008 and then our minimum, our interest only payment each month is right around $450. It kind of fluctuates because it's a variable rate.
1:05.0	And then our monthly payment for private school is $3,704.
1:11.9	And what's your income between you and your wife?
1:16.0	Sure.
1:16.7	So it just changed.
1:18.1	My wife just went back to work this year.
1:20.4	So she'd been out of work, raising the kids, not out of work.
1:24.0	Geez, how insensitive.
1:26.0	No, she was at home with the kids and just went back to work a month ago.
	...

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