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Noooo... not drop $300.. thats really unrealistic for quality. I meant drop each one to $300/month.
$200/month for a good server(medium spec like yours) + $100/month for good management is about realistic at a company that will stay in business and be available 24 hours a day, 7 days a week with good techs.
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You could fit what you are doing all on 1 server, yes.
Like this for example (using newer specs that you may see at a host now a days, if you moved):
Intel Xeon E3-1230v1, v2, v3 or something along those lines (like E3-1240,1270, etc)
16GB DDR3 RAM
2x 2TB SATA3 HDD - RAID1
1x 256GB Samsung 840 Pro or Intel DC S3500 SSD
LSI 9271-4i Hardware RAID Controller
HOT-SWAPPABLE DRIVE CHASSIS (very important in case of drive failures).
Setup your file storage on the spinning disks (HDD) and setup your database on the SSD.
Plus keep daily backups OFF-SERVER on the hosts managed backup solution (whatever they have).
That above is like a $250-300/month server + $100/month management (approximations for average cost breakdowns).
I didn't include RAID1 for the SSD / DB drive cause SSD failure rate is very much less than a HDD. You could add another SSD but expect price to raise by approximately $50/month - this would save you any downtime if one SSD did die and you had to restore the database from backups.
So you could combine your 2 current servers into 1 newer server... making your price (with RAID1 HDD & SSD) $450/month --- saving you $385/month.
Then add your 3rd (now 2nd...) for whatever you planned on using it for.
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