Good morning all, first post so I apologize in advance if I mess anything up.
Here is my situation... I'm 35 years old, have 18 years left on my mortgage and make enough to pay my bills. Problem is, I have a HELOC and owe 18k on it and have $0 in my savings... Perhaps I put too much down when I purchased the home. How do I spread out the extra money I have after paying bills? Do I pay the heloc down as quickly as possible? I could easily take 10k out and put into my savings and say I have 10k in savings and owe 28k to heloc, but that just feels like I'm moving money around that isnt mine. Basically, I need help with a plan... agressively paying off a heloc and having 0 in savings doesnt sit well with me, but neither does taking money from the heloc just to say I have money in my savings. Hope this makes sense...
I have $600 a month left over after paying all bills.
Mortgage rate 3.375
HELOC rate 4.99
I do have a 401k with a little over 100k in it.
Thank you all!
Submitted October 23, 2018 at 12:39PM by WesternComfort https://ift.tt/2z6L4YH
