I am looking for someone or something to answer this question for me. I have a home mortgage at 5.75% with 28 years on it fixed, and I also have a student loan at 4.125% with 25 years on it fixed. The mortgage is around $200k, and the student loan around $30k. I need to know if it is better to pay off the student loan first, and then use that extra monthly payment to pay off or down the mortgage, or is it better to pay down the mortgage since it is at a higher interest rate. Both payments are tax deductible, and I am in the 28% tax bracket. I have no other debt. I am working on creating a savings account to cover expenses in case of an emergency, and I contribute the max each year to my ira account. I can not get a 401k. I have 2 young children, that I need to start saving for their college, but have not done so yet.
Anyone know of a good calculator that will let me plug in my numbers to see where I can obtain the best results with any extra income? Thank you.
2007-01-25
09:19:40
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9 answers
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asked by
scictt2006
2
in
Personal Finance