Should we tackle our debt or a down payment first? The way I see it we have 2 options:
1) Pay off husband’s student loan debt before buying a home (Dave Ramsey style) - he has $55K at 5-12 percent interest. 2) Save up $30-$50K down payment (plus 6 month emergency fund), buy home. Then start paying off his loans.
If we wait on the loans, they’ll rack up more interest. But I don’t want to delay homeownership too long. We currently rent for $950/month.
At my current savings rate and barring a big emergency, I should have $50K saved by 2024.
My income is $50K and his is around $20K. We are in our early 30’s.
Submitted October 16, 2020 at 10:15PM by houseofpalms https://ift.tt/3k82hqG
