Hello,
Recently found mmm and am trying to straighten out our finances. I've widdled down our monthly expenses as much as we were both willing to do. I'm looking for suggestions on which debt to pay off first. I appreciate any suggestions.
Background: I make 93k and husband makes 86k. I contribute 7% to 401k and husband contributes enough for the match ~180/check.
Debts:
student loan 1- 1,430@ 6.5%
Student loan 2- 6,815 @ 6.5
Student loan 3- 6,784@ 3.5%
401k loan- ~ 9000 left (took this out last year to pay high interest credit Card debt)
Rental property- mortgage 122,000 @4.6%
2nd mortgage- 23,215 @ 8.6% (purchased during housing boom) ( Rental income 1050/month)
Mortgage: 263,100@ 3.75%
Car 1- 28,500@ 2.95%
Car 2- 35,000@ 3.95%
Also, i spoke with a mortgage guy from the bank about refinancing our primary residence. We have an fha Loan and need to keep mortgage insurance for 2.5 more years. Mortgage insurance is $247/month. We could refinance to a conventional loan if our house appraises for what we think it will. We would have to bring 15k max to settlement but we would save $375/month. Should I save up 15k and do this or should I knock out some debt instead? We have 2500/month to pay down debt.
I appreciate any advice. Thanks!