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Reply to "Pay mortgage or student loan "
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[quote=Anonymous][quote=Anonymous]DH has $200k from his grad school in federal student loans at 7%. We also have a $500k mortgage at 3%. He is the sole income provider in our household as I am a SAHM. With the student loan payments starting next month we’ve discussed throwing extra payments at the loans to knock them out. I know that it make financial sense to pay the higher interest rate debt first but I think we should put our extra payments towards our mortgage first because atleast we will have security that we have a home if oneday DH loses his job or can’t work. I’d rather than a paid off mortgage than less student loans. My thought is, if we don’t have jobs and can’t pay our mortgage, the lender will foreclose but if we can’t pay the student loans , oh well, atleast we have our house. [b]What would you do?[/b] where would you target your extra payments? [/quote] I would get a job.[/quote]
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