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Re: Aldeer Financial Advice
[Re: joshm28]
#3883822
03/24/23 08:07 PM
03/24/23 08:07 PM
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Joined: Dec 2013
Posts: 22,743
Lickskillet, AL
Irishguy
a.k.a. Dingle Johnson
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a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,743
Lickskillet, AL
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Mortgage interest is deductible. Auto loan interest is not. The home appreciates (most of the time) but vehicles historically do not. I would pay the vehicle off fitst If he only owes $54k, then the mortgage interest is no enough to itemize. So that argument is moot. Pay the house off first. Keep the rest of the money in the bank as a cash reserve. Pay $1000 (Plus that month's interest) on the truck every month and pay the truck off in 22 months. Meanwhile bank the extra money in a high interest savings account. Some are paying over 4% right now. I less than 2 years you will be debt free and have a nice chunk of liquid cash in the bank.
Last edited by Irishguy; 03/24/23 08:11 PM.
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