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From the sale of my current home, is it best to pay down my new mortgage?or my student loans? |
From the sale of my current home, is it best to pay down my new mortgage?or my student loans? Student loans! Get those things paid off. They just have a way of haunting you until they are gone. Of course it depends upon your interest rate of each loan. If the student loans rate is lower then pay down the mortgage. Best of luck, Congrats on your new home. Depending on your state, you may have to pay capital gains taxes if you use the money for anything except a new home. Check with an accountant or financial planner in your area. Negative, put that money away and do not touch the principal and let the interest do the talking for you. I generally advise my clients to pay off student loans first. You are likely getting a tax deduction for mortgage interest and student loan interest, but mortgage interest probably gets you a larger deduction. Without knowing your specifics, it will be hard for me to give you a definitive answer, so it is best to check with a tax specialist first. I am a CERTIFIED FINANCIAL PLANNER鈩?professional and maintain my own blog at http://www.genxmillionaire.com It all depends on the interest rates and monthly pay-outs. Pay off your student loans first. Get those things out of your life forever! Without that payment, you can apply more to your new mortgage and pay that off early too! |
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