Feed: What should I do about this loan? Mortgage vs student - AggScore: 10.5

What should I do about this loan? Mortgage vs student loans?

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div stylefloatleft padding 12pxa hrefwpcontentuploads201011homelendersrefinance77.jpgimg srcwpcontentuploads201011homelendersrefinance77.jpg title alt adivdivemstrongindiechickstrong asked embrbrbrMy math skills arent amazing and Im not sure how I would figure this out anyway, so maybe someone can help me. This is a real life question. We have about 60 or so thousand dollars in private student loans and then maybe 10 in federal loans. If youre not familiar with private student loans, skip to the bottom and Ill explain them. The rate for the student loans is currently about 9.We are selling our house and if we sell the house for the amount that we paid well probably get a little more, we will net about 35,000 after commissions. Were planning on buying a small fixer upper for 75100,000 and getting a 10 year mortgage. Mortgage rates look like theyre about 4 or so percent. I was planning on getting the 10 yr mortgage, paying it off in about 4 years and then taking out a home equity loan and paying them off. My dad said that I should either put down less and pay down the student loans even though it doesnt pay them off or take out equity as I go and pay them down.My hesitation to do this is that my payment on the student loans wont go down just because I owe less, but with a HEL, I will be paying more for the time being mtg HEL student loans at the same time. Its still doable, but Id rather not be paying more than I have to.So my question is thisif I pay down as I go, will my student loans skip ahead so that Im paying a higher percentage of my payment to the principle than interest Or is the percentage of principle vs. interest determined by time rather than how much you oweWhat do you think the best strategy for paying off these loans quickly and for the least amount of moneyPrivate student loans they were offered for a short time while lenders were lending money like crazy and theyre not federal loans, so they dont have the low interest rates. The interest rates on private student loans are variable, currently at about 9, but its been as high as 11.5. No one is offering them anymore so you cant refinance them, lock in a rate, file for bankruptcy, or in any way alter the loan terms. No matter what, the loans will be at that rate and you cant get rid of them. If our credit scores go down or we dont pay on time or whatever, the rates can go up to whatever they want. So as you can imagine we are dying to pay these off and get them out of our lives.brbra hrefJuanadiv

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