What would you pay first? Mortage or Student Loans?

[ElGuappo]

IMO it would all come down to the interest rate. which one would save you more money by paying down??

How did you post before me?????? man quick fingers.

[GreenSpottedPuffer]

Originally Posted by ElGuappo

IMO it would all come down to the interest rate. which one would save you more money by paying down??

How did you post before me?????? man quick fingers.

I think the student loans.

You guys are right.

I actually just want these stupid student loans GONE anyways. Seems like its been so long since I was in school yet I am still paying for it.

Man it would be nice to just use the $14 000 or so on Reef stuff But not a cent is going to this hobby...

[ElGuappo]

i just did the same thing with my 22% visa

[GreenSpottedPuffer]

Originally Posted by ElGuappo

i just did the same thing with my 22% visa

Yeah if I had credit card debt, that would be first to go!

I just got a credit card though not too long ago to get a credit rating before I could get my condo. So far I have just paid the balance at the end of each month.

[ElGuappo]

te best way to gain a credit raating (according to my buddy who worked for ING) is to carry a small ballance and make your monthely min payments. carry a ballence of like 200 and you monthely payment will be like 35 bucks. as long as you are making this payment on time every time this will really help your rating. it shows you are capible of not only carrying a balance but also capible of making your payments without issues. just be aware of unwanted credit limit raises.

[mseepman]

I would look at it this way. If you pay off most of the Student loans...you are closer to completely eliminating that payment. Once it is gone, you can then use that money to accelerate your mortgage payment or provide a buffer if times get rough.

[GreenSpottedPuffer]

Originally Posted by mseepman

I would look at it this way. If you pay off most of the Student loans...you are closer to completely eliminating that payment. Once it is gone, you can then use that money to accelerate your mortgage payment or provide a buffer if times get rough.

Good point. Thats kind of how I am looking at it.

Funny you mention a buffer...my fiance just informed me that $5000 of this money is going into one of those new non taxed savings accounts for "rough times".

[Pan]

Originally Posted by GreenSpottedPuffer

I think the student loans.

You guys are right.

I actually just want these stupid student loans GONE anyways. Seems like its been so long since I was in school yet I am still paying for it.

Man it would be nice to just use the $14 000 or so on Reef stuff But not a cent is going to this hobby...

If the govt finds out you had that kind of money and did not pay your student loans done. They will up your minimum payment without a seconds hesitation. It will not be in your benefit, mortgages are sort of expected to be paid long term...student loans are not....anymore. They have cracked down on them.

[awa1979]

I'd pay off the student loan if it has the highest interest rate.

(your debt makes me glad I went to school in California, low tuition with federal and state grants, made it possible to come out debt free.)

[Snaz]

If you can afford it pay your mortgage down weekly. This lets you pay it down faster and thus you save money overall.