Should I make extra principle payments on my auto loan or mortgage first?
Okay, I’m budgeting my excess yearly savings. I have allocated $ 1,500 a year to go towards loan pay downs. I owe approximately $ 9,000 on a car loan with about 3 years remaining at 8%. I also have a $ 170,000 30 year mortgage with a 6% interest rate. No credit card debt.
As far as overall savings goes, wouldn’t it be smarter to pay down the mortgage principle first? Correct???