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Debt Discussions about debt and how to deal with debt.

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Old 05-06-2017, 01:48 PM
Mommy214 Mommy214 is offline
Junior Member
Join Date: May 2017
Posts: 2
Default Should I pay down debt or invest

My husband and I make roughly 80k/yr between us. We have 2 kids 2 and 6

36k in a savings account (so cash on hand)
18k in a rollover IRA
5k in a simple IRA
39k Cash life insurance policy from my mothers recent death
5k 401k Moms death (I need to do something with this soon)

10k car loan (2%) Im not sure what my interest rate is
12k student loan (4.5%)
57k home loan (6%)

I would say our current expenses/month are around 2400. The value of our home is estimated at 130k.

The bad news is my husband lost his job two weeks ago He made 50k per year. I would like to make our money work for us as I don't know how long he will be out of work.

I was thinning of refinancing the house to a 15year 3.75% boring 61k. I was not sure if this was a good idea or should we just pay it off

other thoughts were pay off the car and and the student loan?

Any help with this would be great.
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