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Updated 6 months ago, 07/12/2024

User Stats

6
Posts
2
Votes
Lane Mcdonald
  • New to Real Estate
  • Montana
2
Votes |
6
Posts

Use saved cash to pay small debt or invest more?

Lane Mcdonald
  • New to Real Estate
  • Montana
Posted

I feel like the obvious answer to this question is to get rid of the debt, right? but the $7000 to pay off the vehicle will only save me about $600 in interest whereas investing that 7k into another home or renovations, like adding a new bathroom to my current 3bed 1bath home, would yield way more than the money saved. Considering that I'm going for most return I feel like I should use that money elsewhere. It would be nice to get rid of the $200 a month charge but at the end the numbers don't change much on total spent.

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