Re: Advise on finance question

Pay the car loan since interest on it is not tax deductable -- assuming you can take other than the standard deduction. Make sure its one you can repay early and that it goes towards the principle --- not just paying months in advance. If not the case then pay towards the house --- or put it in a 6 month or 1 year CD at E-Trade for 5.3%

Hi! > > Should I have 1K to reimburse a loan, should I give it to my mortgage > which > still has 20 years to go, or to my car loan which has 4 years to go? They > both have 5.8% cost. > > Many thanks! > > > -- > -- > Daniel >
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Reply to
Wolfgang
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I don't think you realize how much of what is paid on a mortgage over its life is pure interest. Especially if it's in the first half of the mortgage life, paying off principle will yield vastly more savings than any CD or tax deduction.

Reply to
mj

Reply to
bernard.decunha

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