supernova72
Recycles dryer sheets
Hello,
I'm torn on which loan to paydown first between a recent HELOC (used car purchase) and my first mortgage.
The scoop:
Mortgage:
4%, 15 yrs, $207K (refied in July of 2011)
balance is now $128K
Home value $500K
Been paying approx $600 a month extra principle the last three years (pre car purchase)
HELOC:
3.99% variable
$26K balance
2014 M235i ($37K value wholesale)
Guessing it's depreciating about 10% per year.
Since the car is depreciating and the house is appreciating (Seattle WA) should I apply the entire $600 to the HELOC? I just can't figure it out for whatever reason. I'm currrenly splitting it 50/50 between the two loans.
Someone will probably ask why I'm doing a HELOC for a car. Good question. I like the flexibility actually and can still itemize at tax time if that helps. Thanks!
I hope to ER within 2 yrs. I'm 55 yrs old.
I'm torn on which loan to paydown first between a recent HELOC (used car purchase) and my first mortgage.
The scoop:
Mortgage:
4%, 15 yrs, $207K (refied in July of 2011)
balance is now $128K
Home value $500K
Been paying approx $600 a month extra principle the last three years (pre car purchase)
HELOC:
3.99% variable
$26K balance
2014 M235i ($37K value wholesale)
Guessing it's depreciating about 10% per year.
Since the car is depreciating and the house is appreciating (Seattle WA) should I apply the entire $600 to the HELOC? I just can't figure it out for whatever reason. I'm currrenly splitting it 50/50 between the two loans.
Someone will probably ask why I'm doing a HELOC for a car. Good question. I like the flexibility actually and can still itemize at tax time if that helps. Thanks!
I hope to ER within 2 yrs. I'm 55 yrs old.