So, here is what I have going on.
DW and I just sold our house, and we'll net about $106,000 from the sale.
Our existing mortgage on that property is $55k.
So, quick and simple math shows that we'll net 51k, the difference between the two.
So, where is what we have left to pay off, and what we want to do.
Efund, currently at $2,500 - I would like to get that to $5k minimum (family of 3, 4th due in May).
Next, I have 47k in student loan debt. Of that debt, 12k is at 3.15%, the remaining 35k is at 6.55%
I also have a loan out that was used to replace a motor in one of our paid off vehicles, which is at $5,500, and is the highest interest rate we have.
We also purchased a new house, had the 20% down, and have $6k in cash in our money market account that we are using to pay for some updates.
I expect that those updates will run us about 12k total, that will need to be paid from the 6k in the money market, and 6k from the house sale.
So, that puts us at $45k left to pay down towards debt.
So, do I fund the EFund, pay off the engine loan, and then the rest to student loans?
Or do I pay off the engine loan and put everything else on the student loans?
The EFund will be easily loaded as we are going from $1,200 a month between mortgage and student loan payments down to a $300 mortgage (and escrow) payment, and whatever my remaining student loans will amortize out to.
***Note, we do not have any vehicle loans and we do not carry any credit card debt that will need to be paid off with this.
Locked in our new mortgage on a 15 year @ 2.875% - balance on the loan is $24,400 :)
Updates on the new house will make it probably around 45k in value, if not slightly more.***
What say you, mustache's?