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
