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Started By
Message
Should I pay off mobile home early?
Posted on 2/10/17 at 3:05 pm
Posted on 2/10/17 at 3:05 pm
$60k @ 4.25%
Or should I pay off student loan $8k @ 3.75%
Mine and my wife's cars are under 2%. We have no other debt. We have 10 months emergency fund and both are contributing over company match for 401k.
*Save me the you're poor comments. This isn't the OT
Or should I pay off student loan $8k @ 3.75%
Mine and my wife's cars are under 2%. We have no other debt. We have 10 months emergency fund and both are contributing over company match for 401k.
*Save me the you're poor comments. This isn't the OT
10
Posted on 2/10/17 at 3:12 pm to LSU6262
I'd probably try to pay off the student loans first and then focus all attention to the home loan
Posted on 2/10/17 at 3:23 pm to LSU6262
Smart man.
Posted on 2/10/17 at 4:45 pm to LSU6262
I'd probably drop the emergency fund down to 4 months or so and pay off debt, Unless you're in the oilfield.
Posted on 2/10/17 at 5:35 pm to LSU6262
I would consider selling it and getting a house. Mobile homes do not tend to go up in value.
That said, you are close on the student loan. I would knock that out first just so it is one less bill to think about.
That said, you are close on the student loan. I would knock that out first just so it is one less bill to think about.
Posted on 2/10/17 at 5:43 pm to I Love Bama
I doubt he's in it for value. He's probably thinking of it as cheap "rent" until he puts a huge chunk down on a house. Anything he gets from the trailer is bonus.
I bet they're not even paying $600/month for the note.
I can see both arguments though.
I'd agree with cutting e fund to 6 months and throwing that on student loans.
I bet they're not even paying $600/month for the note.
I can see both arguments though.
I'd agree with cutting e fund to 6 months and throwing that on student loans.
Posted on 2/10/17 at 5:45 pm to I Love Bama
quote:
would consider selling it and getting a house. Mobile homes do not te
Agree to an extent. In my option I would knock out the student loans and vehicles then start stashing cash for a DP on a home.
OP, good for you for not jumping into a large mortgage right off. Your set up to only have a mortgage to worry about soon and you'll be able to save up for a good DP so that you'll have an easily manageable one
Posted on 2/10/17 at 5:48 pm to LSU6262
I viewed my mobile home loan similar to that of a car loan.
I had a $20,000 / 7 year loan for my trailer and ended up making $10,000 profit with two years left on the loan.
I had a $20,000 / 7 year loan for my trailer and ended up making $10,000 profit with two years left on the loan.
Posted on 2/10/17 at 6:02 pm to jcaz
I guess I don't know much about LA. In North Alabama you can have a decent place for 60-75k.
Posted on 2/10/17 at 7:24 pm to LSU6262
4.25 is more than 3.75 and the student interest is deductible. Seems like a no brained. Or pay neither early, save 20% for home to get rid of PMI, rent out trailer to pay for house mortgage.
Posted on 2/10/17 at 7:30 pm to I Love Bama
You'd be shocked at what people get for run down dumps on wheels in this area.
The low end trashy apartments cost more than a note for a brand new trailer so it's quite the seller's market lately.
The trick is finding a park or property that is zoned for mobile homes.
The low end trashy apartments cost more than a note for a brand new trailer so it's quite the seller's market lately.
The trick is finding a park or property that is zoned for mobile homes.
Posted on 2/11/17 at 8:41 am to Rust Cohle
quote:
rent out trailer to pay for house mortgage.
This is what I plan on doing, Trailer is payed for. Saving up and trying to get at least one car note payed for and at least 20% saved up before I purchase a house. When I do I will rent out the trailer for more than what my mortgage will be.
Posted on 2/11/17 at 8:57 am to dshort_bruh
It's not a bad plan if you buy one already depreciated. My Dads best friend is a lawyer in north Alabama. He and his wife lived in a mobile home for 3 years. Payed off all his student debt and then paid cash for a mansion on the lake.
Delayed gratification wins the game.....
Delayed gratification wins the game.....
Posted on 2/11/17 at 9:16 am to LSU6262
I'd pay off the student loan first. I remember doing that and what a joyful feeling it was to get that behind us.
Even if the straight dollars and cents might point another direction, there is great psychological value to paying one off.
Even if the straight dollars and cents might point another direction, there is great psychological value to paying one off.
Posted on 2/11/17 at 9:36 am to LSU6262
Agree with others stating to pay off the student loan first.
This post was edited on 2/11/17 at 10:02 am
Posted on 2/11/17 at 9:39 am to I Love Bama
Wont be paying cash for a mansion nor a house lol, but I bought the trailer cash, and did ~$2.5k worth of upgrades on inside. Will put about another ~$1K for outside upgrades. Hopefully stay here closer to 5 years(been here a year) unless the wife gets preggers.
Posted on 2/11/17 at 12:12 pm to Rust Cohle
quote:
4.25 is more than 3.75 and the student interest is deductible
Hmm, I didn't consider my student interest being deductible.
Thanks everyone for the replies
Posted on 2/11/17 at 1:24 pm to LSU6262
Yeah and there has been news of a big bail out for government student loan's. I'm not sure if they will just erase them, or you have to jump through hoops for 10 years to pay them off, and which time you could i've already paid them off
Posted on 2/11/17 at 2:33 pm to LSU6262
ALWAYS pay the higher interest rate first unless you save more on deductions with the other. Its all about money out of your pocket.
Posted on 2/11/17 at 4:16 pm to LSU6262
on a .5% difference I probably knock out the easy one first. Interest on mortgage is also tax deductible.
Edit - Trump isn't bailing out people with student loans
Edit - Trump isn't bailing out people with student loans
This post was edited on 2/11/17 at 4:18 pm
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