Drain my savings?

[babbles]

you're absolutely correct about that, I keep a constant check of my daily interest even though I may not have to make payments for a while,

my CC debt is $3 so no concern there, I pay off cc charges monthly

[babbles]

thanks for the replies, I did chose the middle ground and put down 4k , pushing out the due date,  and I am tracking the daily interest so it dosen't get away from me!

[babbles]

I wanted to add this on to my thread, since it's paid up till july 28th, if I choose to make a partial payment of like $200, is it best to do principal only or P&I??  Right now I've accured $27 in interest as of today, thanks!  

[markbeiser]

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@babbles wrote:

I wanted to add this on to my thread, since it's paid up till july 28th, if I choose to make a partial payment of like $200, is it best to do principal only or P&I??  Right now I've accured $27 in interest as of today, thanks!  

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If you are paid ahead, and your monthly statement shows $0 due, put your payments towards the principle.
The faster you knock down the principle, the less interest you will pay overall.
The principle only payments won't extend the period you are "paid ahead" by, so once you hit the end of that, you will have to make P&I payments again, but more of your payment will be going to P, and less to I.
This is all assuming your PL is structured like the ones I've had in the past, which may not be the case, so watch your monthly statements closely.

[Beefy1212]

I would keep 3 months mortgage plus 1k in savings and put the rest towards the loan, If you have a large total credit limit and can float life's little emergencies for on your credit cards 14% is a high interest rate I would be keen to do whatever is possible to pay it down fast. I would also consider rolling the PL into a mortgage refi at half the apr if that were an option. 

Once you get out from under the loan you can just keep making the same montly payment into an HYSA for 4-5% until you get 6-12 months of mortgage payments saved. This really depends on you level of risk and your income though, me personally I have pretty safe employment and expected cost and only my rent can't be floated on a credit card. I would never suggest floating CC debt on minium payments just cuz, but as an emergency fund I would rather pay off a 14% debt than have an emergency fund earning 4%.

[babbles]

hmm, so the three debts between my wife and myself are;

PLoan- $17250  interest  13.99%

Auto. -  $14500      ".        . 4%

home=. 2.75%  about.  70k in equity  

 my wife is paid ahead about 7 months on her auto as well 

[babbles]

My wife's auto is 5%

[Beefy1212]

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@babbles wrote:

My wife's auto is 5%

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Yea stop paying extra on those 4/5% loans and get that 13.99% off your monthly expense sheet.

Ignore what I said about a refi on that mortgage you are unlikely to get a better or even comparable rate.