- April 19, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Overview
My current mortgage sits at $330,000, with an interest rate of 5.75% for a 30-year period. The monthly payment is $2,800, which includes escrow (the mortgage itself amounts to $1,900).
## Household Income and Expenses
Our household income is approximately $200,000 before taxes, and our car payments total $700. Fortunately, we do not have any outstanding student debt.
## Financial Strategy
Given the financial information provided, it would be beneficial to explore whether investing in something like the S&P 500 or making extra mortgage payments to reduce the principal would be a more advantageous option.
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****** just grabbed a
[Prime directive](https://imgur.com/lSoUQr2) says moderate debt excluding mortgage to pay it off, so if we are just going by this, it would make more sense to contribute to an IRA instead.
What’s the APR on the car?
I would pay the cars off first, then put the minimum car payment onto the mortgage or investment. I would choose the house.
Happy to assist but more information is needed to properly asses. Are you dual income and in what job function(s)? What is your 401k situation and what are your wage growth expectations?
Pay off all debts which have an APR above the rate you’re getting on your cash savings. That will usually be all debts, but if you have zero rate / extremely low rate debts below the available cash rates you get a slight benefit by holding the cash instead. That situation probably won’t last long since loan rates are usually higher than cash interest rates.
Don’t invest the cash. Investing borrowed money is a very risky idea. To see why, you need to compare the risk adjusted rate of return on investments against your debt’s interest rate, not just the average returns.
Comfortable amount in savings
Then max out Roth IRA, for tax free growth
Then pay down mortgage in first 8 years of mortgage (where most of Interest is paid)
Then build up Non-qual brokerage/stock account