I'm been really thinking the last two weeks about whether to focus on paying down the special assessment on my home. Here's some of my information:
Income: $120,000 plus bonus and stock awards, which can run anywhere from $20K to $35K
Home: $350,000 value with a mortgage of $157,000 (I'm 6 months into a 30 yr mortgage @ 4.125)
Savings: 401K at $230,000, for this year I will soon be maxed out at $38,000 (18K plus 20K mega backdoor, which I'll convert to Roth soon)
HSA: $17,500 in total from last 3 years, I max this out every year
Roth IRS: Since my income is too high, I just put $5,500 into TIRA, and then rolled it over to the Roth IRA right away (at Vanguard)
Individual brokerage: $10,500 (at Vanguard)
Expenses: They are higher than most since my kids still require some daycare, I have them in private school, plus I always tithe 10%. I don't want to breakdown all my expenses, but my average in YNAB is about $5500/month.
My specials remaining on my house are:
23,000 at 6%, currently 7 years paid out of the 20 years
7,000 at 4.5%, new assessment so 20 years remaining
I hate debt and originally planned to pay off the special assessment early, at least the 23K portion, but I'm slowly convincing myself to not even do that. Originally I thought of this like a mortgage, but it's really not since it stays with the house if I would sell. My plan is to stay here until after both my boys graduate, which will be in 11 years. I can also deduce the interest on taxes, which is great with my income being higher. If I don't use my extra cash to pay the specials, I would invest this in my brokerage account. I originally thought about throwing the extra cash against my mortgage, but I've read enough threads on here to convince me to invest instead.
Am I missing anything? Anything else I should consider?
Edit: One other thing I should add is that my realtor says that most buyers don't consider the special assessments when purchasing a house (at least in this area). Just incase I would need to sell earlier.