My choice would be to Pay off the car note. Take some of the cash and save as rainy day fund, then put the rest as downpayment for a piece of property. Don't buy your dream house right away. Buy the bare minimum to fit your current needs to keep payments low, even if you can afford more. Take the extra monthly money and double up on your mortgage to pay off the house early and save lots of $ on interest. Then, when you pay that one off, upgrade and keep the first house as an income property. When you make the extra mortgage payments, separate it from your normal minimum payment and Notate on the extra payment that it goes to Principal Only. If you do not do that last part, depending on who you get the mortgage from, they will most likely apply just apply it as an early payment for the next month.
Also, I recommend using a Credit Union for the Mortgate.
No-Cartographer7427 t1_jegddi7 wrote
Reply to Paying off car loan in full vs. paying off student loans in full vs. downpayment on property by nearlymind
My choice would be to Pay off the car note. Take some of the cash and save as rainy day fund, then put the rest as downpayment for a piece of property. Don't buy your dream house right away. Buy the bare minimum to fit your current needs to keep payments low, even if you can afford more. Take the extra monthly money and double up on your mortgage to pay off the house early and save lots of $ on interest. Then, when you pay that one off, upgrade and keep the first house as an income property. When you make the extra mortgage payments, separate it from your normal minimum payment and Notate on the extra payment that it goes to Principal Only. If you do not do that last part, depending on who you get the mortgage from, they will most likely apply just apply it as an early payment for the next month.
Also, I recommend using a Credit Union for the Mortgate.