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Key:
Admin,
Global Mod,
Mod
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Joined: Apr 2013
Posts: 4,696
10 point
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10 point
Joined: Apr 2013
Posts: 4,696 |
House for me. If i got in a tight i could buy a cheaper truck.
Ethical behavior is doing the right thing when no one else is watching - even when doing the wrong thing is legal. Aldo Leopold .. (except when it comes to trailer tags)
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Joined: Jun 2016
Posts: 71
spike
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spike
Joined: Jun 2016
Posts: 71 |
Without knowing more...With a 4.2% mortgage, I wouldn't pay it off. Depending on your marginal tax rate, your effective rate is even lower than the 4.2%. Assuming you are working and have good job security, I would let the mortgage roll. Put the money you would put toward extra mortgage payments into an investment account.
The truck is still financed at a low rate (relatively), but I could understand the desire to go ahead and pay it off. That would be the only one of the two I would consider.
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Joined: Mar 2016
Posts: 318
4 point
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4 point
Joined: Mar 2016
Posts: 318 |
Tax benefits of a mortgage? How many average people actually itemize instead of using the standard deductions?
Pay off house, and pay off truck asap.
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Joined: Feb 2014
Posts: 4,609
10 point
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10 point
Joined: Feb 2014
Posts: 4,609 |
experience is a freakin' awesome teacher....
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Joined: Jan 2014
Posts: 1,242
8 point
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8 point
Joined: Jan 2014
Posts: 1,242 |
Definitely the house. The damn truck might start slipping tomorrow
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Joined: Jan 2014
Posts: 4,477
10 point
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10 point
Joined: Jan 2014
Posts: 4,477 |
I'd pay off the house and stash the remaining balance. Apply half the mortgage payment amount to the truck and the other half into my stash. Like said above, the truck can be sold or whatever if times get tough. At least you'll still have your house free and clear.
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Joined: Nov 2008
Posts: 4,522
10 point
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10 point
Joined: Nov 2008
Posts: 4,522 |
I’d pay off the house,you’ll probably pay more interest on the house then the truck so I’d pay it off and save some money there on intrest.
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Joined: Jul 2011
Posts: 37,679
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 37,679 |
Sounds like you're already invested for the future. I believe I'd pay off the truck , put the rest toward the house principal . As suggested above , apply the truck payment to the house . What would be left on the house would pay of really quick.
I'm guessing since you only owe 54k on the house , you no longer have any tax advantages ?
Mighty good feeling being totally debt free.
"Why do you ask"?
Always vote the slowest path to socialism.
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Joined: Feb 2014
Posts: 5,724
🦞 Crawfishing Asshat 🦞
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🦞 Crawfishing Asshat 🦞
Joined: Feb 2014
Posts: 5,724 |
The market is down I’d put it in the market and when trump goes back in the markets will go through the roof again
We Just Know What Works For Us
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Joined: Jul 2005
Posts: 19,319
Old Mossy Horns
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Old Mossy Horns
Joined: Jul 2005
Posts: 19,319 |
Emergency fund first, if you don't already have it.
Pay off shortest term loan first., truck.
Snowball that payment into the mortgage by paying a separate principal only payment of the payment amount each month at least for the remaining term of the truck.
Any leftover balance then put it to good use or continue Snowball toward mortgage that same truck payment.
But...if you paid off your mortgage now, it certainly wouldn't be a bad move. Figure out your tax deduction to see if it is really an issue without the mortgage interest deduction.
"The grass withers, the flower fades, But the word of our God stands forever." Isaiah 40:8
"Neither the wisest constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt.� Samuel Adams
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Joined: Oct 2017
Posts: 1,331
8 point
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8 point
Joined: Oct 2017
Posts: 1,331 |
If you have the years left to pay off another mortgage, and if your local rental market is strong, look at paying off house and buying a rental. Rental may pay for itself plus truck.
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Joined: Jul 2020
Posts: 8,855
14 point
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14 point
Joined: Jul 2020
Posts: 8,855 |
If you sell stocks because you needed emergency cash, would you make $ or lose $? If you made $, wouldn't the cap gains tax be higher than the mortgage or truck interest?
Unless you have some major deductions, the standard deduction would get you more $, so mortgage interest is a non factor there. It helps on your alabama state return.
I would stash the emergency fund cash in FDRXX, which will earn a little interest, but won't lose value.
If you paid off the house and then got in a tight and needed to borrow against it, you would pay a higher interest rate than your current rate.
Think of it this way. Your payment isn't tied to inflation. So you are paying the same amount in, with dollars that are worth less.
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Joined: Nov 2013
Posts: 2,976
10 point
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10 point
Joined: Nov 2013
Posts: 2,976 |
Well 12 for truck and 10 for house so far, gonna go with truck 1st also so 13-10, emergency fund 1st
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Joined: Jul 2020
Posts: 766
4 point
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4 point
Joined: Jul 2020
Posts: 766 |
After the emergency fund is in place id be running to the bank to pay off the house.. then start chipping away the car loan with the money saved on house payment..
Last edited by hamma; 03/23/23 05:53 PM.
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Joined: May 2018
Posts: 3,417
10 point
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10 point
Joined: May 2018
Posts: 3,417 |
Pay off the truck first! Mortgage is tax deduction!!!
Hunting brings out the worst in people.
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Joined: Dec 2018
Posts: 1,494
8 point
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8 point
Joined: Dec 2018
Posts: 1,494 |
Wife and I own our house free and clear and have for over 27 years. A financial advisor told us when we were in a similar position to pay off the house first and all the rest later. Best advice I was ever given.
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Joined: Jan 2016
Posts: 4,753
10 point
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10 point
Joined: Jan 2016
Posts: 4,753 |
Truck first- then apply that payment to the house until you have enough cash to pay it off. The house is an appreciating asset and the truck is a depreciating asset. I'd pay off truck first then start loading up on paying off mortgage. First thing I'd do is set aside a 6 month safety/emergency fund
A mans got to know his limitations.
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Joined: May 2016
Posts: 1,562
8 point
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8 point
Joined: May 2016
Posts: 1,562 |
Pay off the home first.....
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Joined: Jan 2012
Posts: 799
4 point
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4 point
Joined: Jan 2012
Posts: 799 |
Id go truck first, higher interest. Then double up on house.
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Joined: Dec 2006
Posts: 17,304
Old Mossy Horns
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Old Mossy Horns
Joined: Dec 2006
Posts: 17,304 |
I’m sure bean counters can support whatever. But there’s a great feeling not having a house payment.
Nathan Carl Goff 19 Sept 2016 - 14 Jan 2017.
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