http://www.cashpayadvance.org/cash-plus-money-loan/is-it-a-good-idea-to-pay-off-2-small-loans-off-by-rolling-them-into-my-mortgage-at-closing/ A Weblog about My Cash Pay Advance Wed, 23 May 2012 09:36:16 +0000 http://wordpress.org/?v=abc http://www.cashpayadvance.org/cash-plus-money-loan/is-it-a-good-idea-to-pay-off-2-small-loans-off-by-rolling-them-into-my-mortgage-at-closing/#comment-6898 Jade C Tue, 19 Aug 2008 11:04:15 +0000 http://www.cashpayadvance.org/cash-plus-money-loan/is-it-a-good-idea-to-pay-off-2-small-loans-off-by-rolling-them-into-my-mortgage-at-closing/#comment-6898 I would pay them both off and take the higher mortgage amount. Definitely pay off the ATV because it is at a higher interest rate and the interest is not tax deductible. Paying off the student loan is a little trickier. It is a lower interest rate and the interest is tax deductible. However, the reason I say to pay it off is because it will eliminate a monthly payment so you don't have to worry about it. PLus, come tax time you only need to worry about deducting interest from one loan instead of two. I would pay them both off and take the higher mortgage amount. Definitely pay off the ATV because it is at a higher interest rate and the interest is not tax deductible. Paying off the student loan is a little trickier. It is a lower interest rate and the interest is tax deductible. However, the reason I say to pay it off is because it will eliminate a monthly payment so you don’t have to worry about it. PLus, come tax time you only need to worry about deducting interest from one loan instead of two.

]]> http://www.cashpayadvance.org/cash-plus-money-loan/is-it-a-good-idea-to-pay-off-2-small-loans-off-by-rolling-them-into-my-mortgage-at-closing/#comment-6897 ben b Tue, 19 Aug 2008 03:15:11 +0000 http://www.cashpayadvance.org/cash-plus-money-loan/is-it-a-good-idea-to-pay-off-2-small-loans-off-by-rolling-them-into-my-mortgage-at-closing/#comment-6897 what will the monthly payments be with the allowance pay back and without. If you pay back the allowance and the mortgage payment will be $165+$78=$243 less, then I would just give back the allowance. This will be an overall better cash flow. The mortgage payment has to be a greater savings than the 243 you will be paying monthly for these 2 loans. The interest on the student loan is tax deductable. The interest on the ATV is not. You may wish to consider paying off the ATV and giving the remainder back to the mortgage and keeping the student loan as is. what will the monthly payments be with the allowance pay back and without. If you pay back the allowance and the mortgage payment will be $165+$78=$243 less, then I would just give back the allowance. This will be an overall better cash flow. The mortgage payment has to be a greater savings than the 243 you will be paying monthly for these 2 loans. The interest on the student loan is tax deductable. The interest on the ATV is not. You may wish to consider paying off the ATV and giving the remainder back to the mortgage and keeping the student loan as is.

]]> http://www.cashpayadvance.org/cash-plus-money-loan/is-it-a-good-idea-to-pay-off-2-small-loans-off-by-rolling-them-into-my-mortgage-at-closing/#comment-6896 Brian G Sun, 17 Aug 2008 04:24:21 +0000 http://www.cashpayadvance.org/cash-plus-money-loan/is-it-a-good-idea-to-pay-off-2-small-loans-off-by-rolling-them-into-my-mortgage-at-closing/#comment-6896 It would make sense to pay off the ATV, since the interest is higher on that loan, but not the student loan. If money is not too tight, you can then take the difference of what you save on payments (house and ATV separately vs. the one house payment) and apply the extra to your student loan to pay it off early. It would make sense to pay off the ATV, since the interest is higher on that loan, but not the student loan. If money is not too tight, you can then take the difference of what you save on payments (house and ATV separately vs. the one house payment) and apply the extra to your student loan to pay it off early.

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