I have a random $20k that came in from side hustles doing way better than normal. Would you pay off your car or contribute towards mortgage principal in my situation? Or just throw it in retirement accounts? Or something else?
Car: $20k left at 5.7% interest, 50-something months to go
House: $430k left at 6.6%, 29ish years to go
If I go the pay off the car route, I’d prob start putting $525/mo towards mortgage principal since im used to that expense already anyway.
I have no other debts, 6 months of expenses in cash saved, and a low six figure amount sitting in mutual funds.
I’m in my early 30s.
What would Reddit do?!
original posted by No_Iron3480 to r/personalfinance on Sat, 02 Mar 2024 00:00:28 GMT.