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re: House note vs car note
Posted on 2/28/21 at 7:07 pm to TigerHornII
Posted on 2/28/21 at 7:07 pm to TigerHornII
Appreciate everybody’s input. My wife and I try to live below our means so that we can duck out sooner rather than later, preferably on our own terms. I bought a new truck in 2016 but kept my 03 Tahoe that now has 201,000 miles on it. My wife has never had a brand new car. And she makes way more than I do. But we try not to do stupid stuff with our money and I just wanted to make sure I wasn’t missing something with this idea. We’re disciplined savers and probably wouldn’t be in this situation if we weren’t.
2
Posted on 2/28/21 at 7:29 pm to GCTigahs
Couple thoughts. Do you get any tax savings from the mortgage? Also, mortgage rate is 3.125% and any financial advisor can average 6% annual return on that $80k.
What if you used the $80k to max out Roth contributions which would then give you more tax deductions?
What if you used the $80k to max out Roth contributions which would then give you more tax deductions?
Posted on 3/1/21 at 8:12 am to GCTigahs
assuming the car note would be much lower than the house note, it seems like it wouldn't take long for you to recoup the 80k. i dont see you goin upside down on a car unless something bad happens. if you pay the house off and the car is the only thing you have i would assume you'd always stay ahead and pay it off before the 6 years. sounds like a good idea to me, but I'm no financial adviser. i dream of having no more mortgage to pay.
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