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Updated about 6 years ago,

User Stats

3
Posts
1
Votes
Scott B.
  • Cedar Rapids, IA
1
Votes |
3
Posts

Better Option in Terms of Repaying Debt?

Scott B.
  • Cedar Rapids, IA
Posted

Hello All,

I have a general question in regards to what debt to pay down first. Currently my largest sources of debt are my condo I recently purchased in April 2018 and my student loans. 

At my current payment rate my mortgage will be paid off in 10 years, but as a young professional I realistically won't have the mortgage for the life of the loan. My question is would I be better off putting the additional payment to my student loans instead of the mortgage? Currently leaning toward putting the payment toward my student loans as the mortgage will be paid off once I sell the place and I would still have the student loans.

Mortgage interest rate is 4.75% and the student loans work out to be around a 3.78% interest rate.

Any thoughts would be greatly appreciated.

Thanks,

Scott

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