Hey everyone, it's my first day here.
My wife and I are trying to decide whether to use majority of our disposable income toward paying off our Student Loan ($28,000+$19,000 @ 4.75% floating) sooner versus saving for our down payment for our first home (condo in Toronto).
If we double our student loan payment, we can be free of debt within two years, otherwise, it'd be 4.5 years.
But that means we'd be postponing our first home purchase.
We have about $10,000 saved for down payment in personal RSP and multiple savings accounts.. maybe we should use the non-RSP portion to pay off our student loans even faster.
What do you think? Any advise will be appreciated.
Thanks!
My wife and I are trying to decide whether to use majority of our disposable income toward paying off our Student Loan ($28,000+$19,000 @ 4.75% floating) sooner versus saving for our down payment for our first home (condo in Toronto).
If we double our student loan payment, we can be free of debt within two years, otherwise, it'd be 4.5 years.
But that means we'd be postponing our first home purchase.
We have about $10,000 saved for down payment in personal RSP and multiple savings accounts.. maybe we should use the non-RSP portion to pay off our student loans even faster.
What do you think? Any advise will be appreciated.
Thanks!