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Key:
Admin,
Global Mod,
Mod
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Joined: Mar 2013
Posts: 14,950
Booner
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Booner
Joined: Mar 2013
Posts: 14,950 |
Now just double up on the house payment.
Would walk over a naked woman to get to a gobblin turkey!
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Joined: Nov 2020
Posts: 1,381
8 point
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8 point
Joined: Nov 2020
Posts: 1,381 |
Life happened and I was unable to respond to this thread. But here is what I decided to do.
Pay off the truck
The house has no tax savings for me because we take the standard deduction. I don't have enough taxable expenses to itemize. I saw some comments about the tax benefits for owning a home.
The main reason I am going this route is because I don't want to empty my emergency reserves. Good call. One step closer!
Professional Smart Alec
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Joined: Nov 2011
Posts: 2,260
8 point
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8 point
Joined: Nov 2011
Posts: 2,260 |
Thanks everyone for your input and comments. Much appreciated
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Joined: Oct 2003
Posts: 25,707
Freak of Nature
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Freak of Nature
Joined: Oct 2003
Posts: 25,707 |
If you are set on paying one or the other off, then 100% the house (assuming you are not upside down on the truck). You are going to pay a hell of a lot more interest on your home mortgage than you are your truck interest. That is because your term is longer on your house…nearly double.
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Joined: Nov 2011
Posts: 2,260
8 point
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8 point
Joined: Nov 2011
Posts: 2,260 |
If you are set on paying one or the other off, then 100% the house (assuming you are not upside down on the truck). You are going to pay a hell of a lot more interest on your home mortgage than you are your truck interest. That is because your term is longer on your house…nearly double. You are correct. If I pay the house off now, I only have 2 years left on my truck. I think I have 7 left on the house.. overall money savings would be to pay the house off now. But it will cost me about $30k to do that now. Which would wipe out my emergency fund. But I have other avenues for emergencies if I needed them. I may change my mind again...haha! I keep going back and forth
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