Life Situation: DINKs, LCOL, rural mid-west. We just moved from way too large house, 30 miles from work to much more appropriately sized house <5 miles from work. I will be picking up the proceeds check from the sale of our old house today and I can't quite decide what order to tackle debt/savings goals.
Gross Salary/Wages:
Me - $53k
DH - $45k
As things stand now we'll have $1800/month after taxes/debts/expenses so quite a bit of wiggle room
Liabilities: Current balance, rate, loan term, minimum payment
Mortgage - $78k, 4.75%, 30 years, $590 (100 Prin, 310 Int, 117 tax, 27 insurance, 26 PMI)
My SL - $7.1k, 6.55%, 10 years, $105 (65 Prin, 40 int)
DH SL1 - $2.4k, 4.25%, 5 years, $50 (40 prin, 10 int)
DH SL2 - $49k, 3.75%, 25 years, $266 (113 Prin, 153 int)
My Car - $8.2k, 1.59%, 5 years, $320 (310 Prin, 10 Int)
401k - $6.3k, 4.75%, 2.5 years, $294 (269 Prin, 25 Int)
Credit cards - $0, combined over $40k credit limits most of that at 10% rate)
Total Debt - $151k, $1,625/month
Specific Question(s): So once I pick up the proceeds from the sale of the house today we will have $20k plus a crap-ton of extra money every paycheck. What order would you tackle these goals?
Max ROTH IRAs for 2015 - $11k
Pay off 401k Loan - $6.3k
Pay off my SL - $7.1k
Pay off DH SL1 - $2.4k
Pay off car loan - $8.2k
Set my 457 contribution rate to max out over a year - $600/check additional
Set DH 401k to max out over a year - $600/check additional (note, I will be setting his HSA to max for next year)
Refinance mortgage to 15 year w/o PMI - $8.5k paydown (net increase in payment is only ~$50/month)
I should be getting the following refunds in the next month or so:
$1,175 - old homeowners insurance premium
$300 - old electric bill credit
$450 - escrow refund
$1,450 - property tax escrow they held at closing but said I'd get back
$1,200 - refund from my mortgage broker for screwing up