Good Morning,
Wife and I bought a vacation condo in an area that we love. We are renting it out in off season and plan to Airbnb it partially in summer to cover most of costs. If this does not work we will sell it but so far so good.
Problem is we have a 6.75% 6 year Arm on it. We can put around $30,000-$40,000 a year aside to pay this thing off but I am wondering if you all think its best to pay it off as we go or invest that money in VTI and let it potentially gain some money as well as have some liquid money in case there is a family emergency. We do have around $60,000 in an emergency fund already.
I guess the question is it better to pay off as you go or invest it until you have enough to pay the whole thing off. I am leaning on investing it until we can pay it off because wife and I both have stable government jobs with annual raises over the next 4 years guaranteed.
Wife and I bought a vacation condo in an area that we love. We are renting it out in off season and plan to Airbnb it partially in summer to cover most of costs. If this does not work we will sell it but so far so good.
Problem is we have a 6.75% 6 year Arm on it. We can put around $30,000-$40,000 a year aside to pay this thing off but I am wondering if you all think its best to pay it off as we go or invest that money in VTI and let it potentially gain some money as well as have some liquid money in case there is a family emergency. We do have around $60,000 in an emergency fund already.
I guess the question is it better to pay off as you go or invest it until you have enough to pay the whole thing off. I am leaning on investing it until we can pay it off because wife and I both have stable government jobs with annual raises over the next 4 years guaranteed.
Statistics: Posted by bg5 — Mon Nov 25, 2024 7:24 am — Replies 0 — Views 17