Now that the kids are moved out, momma and I have worked to save a little money and not sure what to do next. Looking for some suggestions:

Kids are gone, married, and paying for their own college bills. Both are doing fine and don't need any further assistance.

We have saved $60,000 over the last 5 years and we have the following debt.

House = $54k at 4.2%. Monthly payment $730
Truck = $22k at 4.9%. Monthly payment $600

I am thinking about paying off the house and then working on the car. Or payoff the car and bump up the monthly payments on the house. Or invest the 60k now that interest rates are above my loans

What would you do?

truck most likely for me

Pay off the house would be my first priority

Yea I feel you... that was the whole purpose of saving the money. But now that interest rates have shot up I was thinking I should part it somewhere else. But I really just want the feeling of owning my house.

When you subtract inflation from gains from interest you're not making money. What other investments do you already have?

House first. Trucks can be easily sold, wrecked, stolen, etc...

We have a Roth we max out. A rollover IRA from a previous employer and a personal investment account. Oh and a SEP account from when I had my own business. I am happy with them and their returns over the past 8 years or so.

What are 6 months of your expenses in $? Set that aside out of the $60K first. Then, make sure all your investment options are maxed out for the year. If you have $ left over, then pay down or pay off the truck first. It has the lowest balance and a higher interest rate than your house.

Truck first- then apply that payment to the house until you have enough cash to pay it off.

The house is an appreciating asset and the truck is a depreciating asset. I'd pay off truck first then start loading up on paying off mortgage. First thing I'd do is set aside a 6 month safety/emergency fund

Agree with above (ronfromramer) or sell the truck if the current value is high enough you can turn a profit and buy older one that you can payoff

Pay off the house!

Times get hard you could get a cheaper vehicle and still have a house free and clear.

The question can’t be accurately answered because other details are MIA.

Age, income, job stability, do you have a 6-12month emergency fund, are you in good health, what’s the status of your retirement accounts

For myself, the debt is below the 5% mark, I wouldn’t prioritize either of those.
I would prioritize cash if needed and retirement accounts/brokerage account.

Should I be worried about an emergency fund if my house is paid off and I can pull out money against it if I run into a crisis? I could also sell stocks out of my personal investment account if I ran into a need for cash.

There are very few things in life better then being debt free. If you were debt free now you would save $1330 a month so over 5 years you would save an extra $80,000 to go with your $60,000 for a total of $140,000. That would buy some good hunting land.

Pay off the house. That way, come hell or high water, you've got a place to live. You can always walk or bum a ride.

Mortgage payment has tax benefits , truck loans don't if that matters.

Pay the vehicle off and dump the $600 a month payment into the house. Keep the rest in savings.

Stickers has a good point about the tax benefit of the mortgage interest.

How many years left on the loan?