Alright everyone, I've documented a bit on here about us trying to sell our house, and what we might do if it sells (I'll get to the numbers shortly), and we just had our counter offer accepted.
So, we sold for $119k, minus $3k in closing, so sale price will be 116k.
We owe $55,562 on our mortgage, $47,600 on our student loans.
If I run all the numbers correctly, including abstract costs, deed costs, septic being pumped, etc., it looks like we will net about $107k.
Now, the question is what do we do.
**Let me preface this with we are both 28 years old, not really into the early retirement stuff, but are looking to get, and stay comfortable money wise
Of those student loans, 12k are at 3.15%
Our other problem is whether we are going to buy, or going to rent (as we are planning to build in the next 3-5 years).
Now, we aren't in your typical city. Rent will be approx $350, or we can probably buy the place we would rent for 25-27k (if we bought, there'd be stuff we'd want to update).
So, knowing all that, do you recommend paying the loans off completely, or maybe keeping that 12k in our bank account, for buffer and downpayment money (for the build, or for buying the new, extremely cheap house)?
I will try to answer any questions anyone has, and am looking forward to some feedback.