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Thankyou for taking your time to answer xo
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Kim Y | Which is better - save money toward down pymt on home or pay off debts? |
I can only do one or the other:
Save $400 per month to have 20% to put down on a home 5 yrs from now
or
Pay down debts that are $13,000, THEN begin saving toward that 20% down payment. That would put the home down payment time frame off by some extra 3 yrs or so.
*********
Additionally, I have an auto lease that runs me $500/mo (payment and insurance) that will term March 2010. I am thinking of returning to my old 1994 Nissan rathar than renew a lease or buy a new car. What makes this part of the equation tough is that the Nissan Murano I've been leasing "fits" for my wheelchair-dependent hubby. My old car is 180k miles and is very hard to assist my hubby into and out of vehicle. The Murano has been great, but it kills me that I can't afford to buy it outright as new.
* Should I just finance my current Nissan as a used car ? That way, it has the discount of being "used", but I have all auto maintenance records on it.
What am I to do? Suggestions appreciated.
121608 7:40 |
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marisa
 |
Lets do the math, if you put 400 per month on your debt, you will pay off the entire debt in alittle over 33 months (3 years). If you pay 200 per month, it will take you double the time (66 months, 6 years) but your will have saved $13,200 towards the downpayment of a house, which will accrue interest in a savings account. If you wait and do it one at a time, you will spend 8 years putting money away for a house. Is this a good timeline for you.
66 months x 200 dollars =$13,200 for your debt and for your house split down the middle saving the 2 years you would have to wait paying off one at a time.
hope this helps. |
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tfox807
 |
I'm sorry, I'm no financial adviser, but, I'm pretty sure that you're supposed to pay off your debts before you get yourself some more debts. Plus, with the coming economic recession and quite possibly depression, housing costs will go down, and in a few years you'll have a smaller down payment anyways! |
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Judy
 |
The money you have in debt will DIRECTLY affect the home you can afford. The money of your monthly payments will be directly deducted from your maximum mortgage payment.
Pay off debt - save off some high interest. Buy a smaller home so you can put 20% down and avoid the PMI. 10 years down the road, buy and even bigger house when you have 20% for that.
/ |
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Jen
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Pay off debts then save for a down payment |
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diamondpryncs83
 |
Can't you save and pay off debt, the clear debt will help better with a credit score. |
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bullfrog
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pay back the debts then save the money, it will be one less payment at a time which will make it easier trust me! |
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Jay S
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pay off debts of course!! |
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xsorrowxxkissx
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worry about getting your debts paid then work on saving for a house. if not its like saying your going to buy a house with negative dollars not a good idea |
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stephen
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always pay off debt because when u apply for a mortgage you will need to pay off debt. |
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bluefishbig
|
I would do half and half. If you do get a tax return, then use half to pay down debt and save the other half.
If you pay 400 a month for 24 months and get a tax return of $2,000 for the year 2008 and 2009, then you will have paid off your debts in roughly 26 to 27 months.
$400 x 24 months = $9,600
2008 tax return = $2,000
2009 tax return = $2,000
Total amount $13,600
P.S. Come on people let start thinking outside the box when it comes to helping out others. I read the great suggestions that everyone mention but we have other money sources like tax returns. Overall we are for the most part living in some rough times at the current time.
Good luck to everyone in the coming year and stay safe. |
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Margarita G
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pay off debt u don't want to get stuck in lots of debt, it'll be really hard to pay off |
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Chase D
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debts becuase you can pay off the home later but debts can grow so pay those off quickly |
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joker12joe1992
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save money |
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killer_kitty_rampage
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hmmmm id pay of debts but while paying off debts slowly put money aside for your down payment to really answer that question is some math what you are making divided into your debts and down payment plus your daily needs if you do all that it should be easy to see what you can do with every thing ^_^ I hope I could be of help |
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enjoy
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Pay off your debts first |
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dramagirl2497
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split it half and half! it will really help! |
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:Dsmile:D
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idk i am 13 years old. good luck with that |
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hsB!tch
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down payment on a house... as long as you owe them they'll never go broke! x] |
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