FrancesAnn
New Member
- Location
- Southern New England
I've got a 1st and 2nd mortgage on my house. The 2nd mortgage was to finance a home improvement project. It's at $15,562. with a monthly payment of $235. Normally, I pay $335 to advance the end date. The interest rate I think is 4.5% on the 2nd mortgage. In reviewing my accounts, I have separate club accounts I use to manage various expenses. House, Oil heat, insurance and a money market fund. All added up, they reach $9,432. If we have another round of stimulus payments, I'll have $10,832 in cash. If I put all this to that 2nd mortgage, it reduces the debt to $4729. Should I pay off the 2nd mortgage or as much as I can? I'd have to start from zero to fund my separate accounts again for this year.
I hesitate because it's hard for me to figure out what's in my best interest here. My Toyota Corolla is a model 2006. At 155,000 sooner or later, it needs to be replaced. I keep thinking to keep piling into the money market for the day I do need a new car.
I am still working at 60, have a job, it's a modest income but pays for everything.
I hesitate because it's hard for me to figure out what's in my best interest here. My Toyota Corolla is a model 2006. At 155,000 sooner or later, it needs to be replaced. I keep thinking to keep piling into the money market for the day I do need a new car.
I am still working at 60, have a job, it's a modest income but pays for everything.