The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Easye418 on October 31, 2016, 08:37:45 AM
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I have dry powder sitting in the chamber ready to fire away....
I was going to eliminate "Loan:Wife 6", however, I was just wondering if I should just paid towards "Loan: Wife 2" instead. My initial thought was that I could start peeling back some cash flow by eliminating the smaller amounts yet higher interest loans.
Thoughts?
| Loan | Amount | Rate | Payment |
| Me 3 | $8,063 | 5.16% | $113.12 |
| Wife 2 | $7,282 | 6.80% | $91.25 |
| Wife 8 | $7,004 | 4.66% | $76.20 |
| Wife 1 | $6,650 | 6.80% | $89.83 |
| Wife 7 | $5,364 | 4.66% | $58.35 |
| Wife 9 | $3,959 | 4.29% | $41.92 |
| Wife 4 | $3,520 | 6.80% | $44.11 |
| Me 1 | $3,495 | 4.25% | $50.93 |
| Wife 6 | $3,219 | 6.80% | $40.31 |
| Wife 5 | $3,157 | 3.40% | $31.25 |
| Wife 3 | $2,749 | 4.50% | $29.55 |
| Me 2 | $1,924 | 3.15% | $27.01 |
| Total | $56,386 |
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reallly doesnt matter same math gain either way but for an emotional gain having one less loan may feel like a win and you can put that monthly money towards the other 6.8% loans.
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Put it towards the smaller one. Having more cashflow available for other loans and life in general is always the better path.
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reallly doesnt matter same math gain either way but for an emotional gain having one less loan may feel like a win and you can put that monthly money towards the other 6.8% loans.
Put it towards the smaller one. Having more cashflow available for other loans and life in general is always the better path.
Thanks, just wanted a sanity check before I fire away. $3,200 off the books today.
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Are these all separate payments, or do you just cut one or two checks to pay everything as part of your regular monthly payments?
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Are these all separate payments, or do you just cut one or two checks to pay everything as part of your regular monthly payments?
Cut one check.
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Having FINALLY paid my student loans off this month, I would absolutely just kill Wife 6. Much more satisfying & in your case mathematically equivalent.
My highest interest loan was more than the total balance of the other 8, so I had to spend a year just killing it slowly while paying minimums on the others. It drove me bonkers!