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My wife and I are looking to buy our first home at the end of the year. Here is a quick break down of our money/debts:

  • My salary: 75k
  • Wife: stay at home mom
  • Cash: 13k
  • Money put into savings a month: $400
  • CC Debt: 0
  • Car payment: $560/mo (60 months, 0.9%)
  • Personal loan: $200/mo (6.1k left, 8.99%)
  • Credit score: 800

The personal loan exists from recklessly spending money we didn't have/medical bills from years ago. It started at 15k and was spread over multiple credit cards. Never doing that again

I just did our taxes and we are going to get 6.6k back which is pretty awesome. My question is: should I pay off that loan right now and save the extra $200/month or throw the $6.6k into the house fund? It might be a stupid question but I am not sure if having more money is better or less debt. Thank you!



Submitted January 31, 2021 at 07:27PM by THRILH0 https://ift.tt/3aj744V

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