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Originally Posted by Broken Arrow
Uh oh. Let me put on my flame-retardant debate suit on.
Thanks. 
The short and simple answer is, IF you desire to save more money in the long run, even if it means to "suffer" the sense of crushing debt longer, then the answer is to pay off the loan with the highest interest first. IF you value simplifying your debts and need motivational boosts to keep yourself going more than you need to save more money in the long run, then pay off the smallest balance first. |
This is very well said. The only note I would add is some loans come with an early payoff penalty. Home loan penalties can run around 5% if it's within the first X years of the loan. I refi'd and then bought a new home a year or two later and got a 5% penality. (
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