Water heater update...sort of

Upon much deliberation we still don't know what to do about the water heater. It is so incredibly LOUD right now that we can distinctly hear it running while we are in the shower. On the second floor....and the water heater is in the BASEMENT!

As I see it we have 4 options:

• Replace heater with new tankless right now, putting another $1700 on the credit card @ 9.9% (Total cost: $1880.88)
  
• Fix the existing heater ($300 +/-) and then put money aside each months for approximately 2 years until entire unit needs to be replaced (Total cost: $2000)
  
• Borrow $1700@ 8.9% on 24 month term from UWCU (Total cost: $1862.16)
• Sell investment shares to replace water heater now (Total cost: unknown)

The cheapest and easiest option is to put it on the credit card, but seeing as how we have put ourselves on a voluntary freeze and are trying to pay off the huge balance that we have, my gut is telling me that is a bad idea. The most expensive option is to fix it and then save for the bigger replacement cost in 2 years, but that is the one we are leaning towards. At least I am.

We will have to talk things over with my parents this weekend and get their take on the whole thing. Since they are accountants maybe they will have a clue what the best idea is. Just have to hope the dang thing lasts that long. *sigh*