I have a bank loan for my 2010 GMC 3500. Its got 5 years left at 6.9%
I have a mortgage of about 78k that will be cleared in 5 years at 2.1%
I make accelerated payments on the mortgage and can pay off the loan without penalty.
I had the thought to increase the mortgage by enough to pay off the bank loan and then allocate the bank loan payment to the mortgage payment or an investment account that I can draw from to pay down a lump of the mortgage annually , which I have done the last two years....
Debt clearing thoughts please
I have a mortgage of about 78k that will be cleared in 5 years at 2.1%
I make accelerated payments on the mortgage and can pay off the loan without penalty.
I had the thought to increase the mortgage by enough to pay off the bank loan and then allocate the bank loan payment to the mortgage payment or an investment account that I can draw from to pay down a lump of the mortgage annually , which I have done the last two years....
Debt clearing thoughts please