Looking for advice on what to do with $80K cash from sale of prior home. Currently is in SPAXX while I decide what to do.
New Home was purchased and has a $409,000 balance at 6.625%, only put 5% down due to purchasing before selling previous home. $112 a month payment towards PMI.
Auto Loan 1 is $20K at 4.23%
Auto Loan 2 is $12K at 5.79%
Students Loans is $20K currently in forebearance, majority is at 2.75% so likely will not worry about this.
Emergency fund is established and no CC debt.
Total combined assets invested of $440K between 401K and Roth IRA. Currently my wife and I are 28 years old.
Originally I was going to take the money and put directly towards mortgage, hit 20% equity (approximately $65K) and remove PMI. Would pull ahead payoff date by about 10 years and would save $275K in total interest.
However, as I thought further, I considered the freed cashflow of paying off the vehicles, or simply investing directly into my taxable brokerage account and letting it ride. Combination of any and all of these? With the 6.625% rate it is a tougher decision, if it were a 2.5% mortgage, I'd know what to do.
What do you all think? Thank you in advance.
New Home was purchased and has a $409,000 balance at 6.625%, only put 5% down due to purchasing before selling previous home. $112 a month payment towards PMI.
Auto Loan 1 is $20K at 4.23%
Auto Loan 2 is $12K at 5.79%
Students Loans is $20K currently in forebearance, majority is at 2.75% so likely will not worry about this.
Emergency fund is established and no CC debt.
Total combined assets invested of $440K between 401K and Roth IRA. Currently my wife and I are 28 years old.
Originally I was going to take the money and put directly towards mortgage, hit 20% equity (approximately $65K) and remove PMI. Would pull ahead payoff date by about 10 years and would save $275K in total interest.
However, as I thought further, I considered the freed cashflow of paying off the vehicles, or simply investing directly into my taxable brokerage account and letting it ride. Combination of any and all of these? With the 6.625% rate it is a tougher decision, if it were a 2.5% mortgage, I'd know what to do.
What do you all think? Thank you in advance.
Statistics: Posted by SquirrelAway500 — Thu Jan 09, 2025 12:21 pm — Replies 7 — Views 232