Mortgage vs. Debt payoff: The Great DEBTate
My goal is to save about $60k for a down payment on a condo in FLL. I also have about the same amount, $60k, left to pay on my student loan. I’ve been going back and forth with which goal I should attack first. On one hand, I want to make the purchase in Florida before home prices rise too much higher, and before interest rates rise too much higher as well. Moving to Florida will also save me a large chunk of cash monthly because of FL not having a state income tax. On the other hand, my student loan’s interest rate is variable and thus tied to the actions of the FED, so I don’t want to wait too much longer to get that principle down lower so that rising interest rates don’t have as much of an effect on the payments.
Do you have an opinion about which goal I should attack first? I’m currently saving for the house AND making minimum payments on the student loan, but doing both at the same time is going to put both goals further out as far as time is concerned.