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Paying off debt strategy
Posted on 9/28/26 at 2:20 pm
Posted on 9/28/26 at 2:20 pm
Got a little bit of extra cash to put on debt. My truck is almost paid off and has a pretty low rate. Wife’s care still has a good bit to go and rate is higher. Mortgage is still way out but rate is pretty low thanks to Covid.
Paying off the truck will really only save $100 or so in interest since it so close to being paid off.
Putting it on the wife’s car will save around $1000 in interest over the life of the loan and make a good dent in overall principal.
Won’t make much of a dent in the total bill on the mortgage but will save a substantial amount(almost 5k) over the lifetime of the loan.
Thoughts on what you would do and why?
Paying off the truck will really only save $100 or so in interest since it so close to being paid off.
Putting it on the wife’s car will save around $1000 in interest over the life of the loan and make a good dent in overall principal.
Won’t make much of a dent in the total bill on the mortgage but will save a substantial amount(almost 5k) over the lifetime of the loan.
Thoughts on what you would do and why?
Posted on 9/28/26 at 2:22 pm to AUVet21
your car is a depreciating asset. Your house is not. Pay off the car
Posted on 9/28/26 at 2:23 pm to AUVet21
You sure about that that? Isn’t the entire term worth of interest baked into the loan and has to be paid off regardless of early payoff or not?
Posted on 9/28/26 at 2:28 pm to BawtHouse
Posted on 9/28/26 at 2:58 pm to AUVet21
If you want "feel good" then pay off your truck.
If you want to be financially savvy, apply it to the higher rate on your wife's car.
If you want to be financially savvy, apply it to the higher rate on your wife's car.
This post was edited on 9/28/26 at 3:01 pm
Posted on 9/28/26 at 3:05 pm to BawtHouse
quote:
Isn’t the entire term worth of interest baked into the loan and has to be paid off regardless of early payoff or not?
normally...yes.....unless he got simple interest financing
Posted on 9/28/26 at 3:07 pm to AUVet21
I would put it towards the smallest debt to free up budget faster. Freed up budget makes a bigger impact on people's financial stress than anything else.
Posted on 9/28/26 at 4:51 pm to AUVet21
Pay off the truck then roll those payments over to the car to pay it off faster. Having a vehicle paid off is a good feeling and relieves a lot of stress.
Posted on 9/28/26 at 6:33 pm to Bard
Yep, snowball it. Pay off the truck and use any leftover to put towards car. Then take whatever you were paying on the truck and pay it towards the car. Once the car is paid off, keep making that payment towards a HYSA to pay as much as you can when you have to buy a new car.
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