I'm interested in some advice for my particular situation. I have about $16k in savings, and all my bills are on time.
Credit score 665(TU) and 683(Eq).
I have an auto loan and a mortgage, and I'd like to know if I should pay extra each month towards the principal or refinance AND pay extra towards the princial?
Here are the details:
Mortgage
Term (30 yrs) 15 remaining
$109,518 financed @ 5.875%
current payment $1,226 (incl insurance/escrow)
current balance $77,725
*Would pay additioal $1,000/mo, paying off in 2023 (10.5 years early),
saving over $28k in interest.
There's a second loan of $5,824 at 0%, so not too worried about that
Auto
Term (72 mo.) 51mo. left
$24,493 financed @ 11.2%
current payment $468.06
current balance $19,662 payoff
*Would pay additional $500/mo, paying off 1/2021 (2.5 years early),
saving over $3k in interest.