Debt Payoff

[Harvey26]

I have recieved 20k to work with and I want to figure out the best way to elimnate some debt.

Home improvement loan 17.8K @5.99 367 a month( I was thinking of paying off 7800)

Windows: 2439 balance remaining ( I was thinking of paying this off in full)

Doors: 8400 0% for 18 months.  (I was thinking of leaving this alone)

Taxes: 3K (Paying off in full)

Please let me know any other suggestions. 

I have no other debt outside of my mortgage and home credit cards are all paid in full. 

[SouthJamaica]

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@Harvey26 wrote:

I have recieved 20k to work with and I want to figure out the best way to elimnate some debt.

Home improvement loan 17.8K @5.99 367 a month( I was thinking of paying off 7800)

Windows: 2439 balance remaining ( I was thinking of paying this off in full)

Doors: 8400 0% for 18 months.  (I was thinking of leaving this alone)

Taxes: 3K (Paying off in full)

Please let me know any other suggestions. 

I have no other debt outside of my mortgage and home credit cards are all paid in full. 

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With $20k I would pay the $3k in taxes and pay off the home improvement loan. You can come up with the additional $800.

[disdreamin]

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@Harvey26 wrote:

I have recieved 20k to work with and I want to figure out the best way to elimnate some debt.

Home improvement loan 17.8K @5.99 367 a month( I was thinking of paying off 7800)

Windows: 2439 balance remaining ( I was thinking of paying this off in full)

Doors: 8400 0% for 18 months.  (I was thinking of leaving this alone)

Taxes: 3K (Paying off in full)

Please let me know any other suggestions. 

I have no other debt outside of my mortgage and home credit cards are all paid in full. 

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Do you have an emergency fund in addition to the amount mentioned?

If so, my suggestion would be to pay the highest interest debt first. You didn't mention if the windows amount was being charged interest. If it is not, I would go after the home improvement loan and taxes first. I'd watch that $8400 as it will take ~475 per month to pay that off prior to the zero percent expiring. That would be next on my list to be attacked, but the normal monthly minimum plus what was originally directed toward the home improvement loan might be sufficient to knock it out prior to the end of the 18 months.

[Harvey26]

@disdreamin I have 10K set aside for emergencies. My goal is to pay off the doors. before that expires or right before it expires balance transfer whatever is left remaining. Windows is no interest beacuse I paid cash for the first half of them. I was also thinking the same. I recently got offered a new position that will be WFH permanently so I was thinking of using the money I save in gas and eating out and adding it to that and getting that knocked out. 

[disdreamin]

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@Harvey26 wrote:

@disdreamin I have 10K set aside for emergencies. My goal is to pay off the doors. before that expires or right before it expires balance transfer whatever is left remaining. Windows is no interest beacuse I paid cash for the first half of them. I was also thinking the same. I recently got offered a new position that will be WFH permanently so I was thinking of using the money I save in gas and eating out and adding it to that and getting that knocked out. 

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Sounds like a very solid plan, you'll have all that debt knocked out in no time at all, at this rate. Congrats!