So i was just approved to refinance my student loans.
they are currently:
$31000 @ 7.25 % for 11 more years monthly payment 360
$30000 @ 6.35% for 11 more years monthly payment 320
$9900 @ 6.8 for 15 years ( this is the federal consolidation) monthly payment 94
$9900 @ 5.04 for 8 more years monthly payment 120
i was offered a way better interest rate but i am not sure if i should literally choose the max monthly payment and get the lowest rate or choose the lowest and invest all my extra cash, or if i should i should just keep my payment amount the same.
since this is with Earnest i have tons of flexibility.
my options range from paying $510 a month for 20 years @ 4.37% to paying $1400 a month for 5 years @ 3%.
i know it isnt a huge difference in the rate but I like the idea of getting done with my loan very quickly. but then i realize that i could pay the minimum invest the left over cash and maybe come out ahead.
more details: all loan payments would be made after maxing out my 401k and an IRA.
i am a high earner, in a high cost of living area, but i live with room mates, and am single. i have no other debt. i am thinking about saving to buy a house, but am not sure to be honest as real estate in boston is crazy.
any advice would be helpful.