What should I work for repaying loans first?

Deal Score0

I have 3 large loans that must be paid. I have no debt revolving credit card (I pay the balance every month) to worry, but not too much money, increase my payments too, I would continue to pay the “normal” 2 payments the loan and try to pay loans on time. Here are the details: 1 Loan: student loans subsidized by the government, ~ $ 15,000 at a fixed rate to 5.87%. If I continue with my current repayment plan, I paid over 11 years. This is a great interest loans 2: private student loans, variable rate (currently 3.5%), ~ $ 29,000. If I continue with my current repayment plan, I have this cost in 8.5 years. A bunch of Interesse.Loan 3: mortgages, fixed interest rate to 6.125, ~ 48 000 left. I could refinance at a lower rate, but plans to sell the house quickly so that the closing costs may outweigh the savings. Anyway, I’m only 3 years in a 30-year mortgage, even if I tried an additional payment to the primary and probably cut aus.OK at least one or two years of payments, the skinny. I try to plan my future, and want to buy a new home soon (of course, sell the old one), but would probably need a little less debt a higher mortgage Thank Zahlung.Vielen of ” end loans, it’s bad! ” – Ah, thank you captain obvious, but these are loans that I had to do it through my undergraduate studies / accounts. I have them for 5-10 years, and they have already paid for by 15-20% and I’m still working on a debt. Therefore, the FragePS – the house was purchased for only $ 55,000, so the $ 48 000 is still a high percentage of home value … fairness there is not too much, leider.Dies may seem a lot of debt, but that’s nothing compared to the debt of many card credit 15, 20, 25% interest, thank you for most players, you pay $ 15 000 debt originally proposed. If I can afford an extra $ 100 for the main players every month, I should be able to pay less than 5 years! Gotta work on a budget …

  1. Reply
    May 1, 2011 at 11:49 pm

    Uh loan 1? Stop having loans! it’s bad

  2. Reply
    Wayne Z
    May 2, 2011 at 12:30 am

    Loan 1 – The rate is relatively high and the balance is the lowest.

  3. Reply
    The Organizational Development Guy
    May 2, 2011 at 12:54 am

    The quick answer is to pay them off in the order you presented them, throwing everything you can at the first loan while making the minimum payments on the other two. Once the first is paid off, throw everything at the second while maintaining the third. Then throw everything at the third.

    For a more detailed answer, check out http://www.daveramsey.com and look into the Debt Snowball.

  4. Reply
    May 2, 2011 at 1:46 am

    Since you may be refinancing the mortgage to a lower interest rate or may be selling, let that loan ride for the time being and work on paying off the student loans.

    For now, put the extra money on loan 1. It has the highest interest rate of the two student loans. Should the variable rate loan take a huge increase in interest and become the higher interest rate, switch to that one. Paying down the highest interest rate will always give you more bank for your buck.

  5. Reply
    May 2, 2011 at 1:53 am

    wow man your in alot of debt i feel bad for you

    Leave a reply

    Register New Account
    Reset Password