Which do we pay off first?

[Carsonjoe]

Our home has 2 debts: mortgage and student loans, the loans were consolidated years ago and the interest rate is almost the exact same as our mortgage. The amount due is also very similar. And we can write off interest paid on both. So do we pay them both down equally? Is there one of them which we should focus on paying off quicker?

To give you numbers its $85k home and 80k student loans. Home is at 2.99% and student loans are 3.00%
Household income is $110k

[corawhite07]

Just focus on mortgage. Because its more high rather that student loans.

[disneysteve]

Personally, I'd focus on the student loans because I would feel better getting rid of those. Not that it's an issue, but also keep in mind that student loans are not bankruptable just in case anything was ever to happen. As for the mortgage, if you ever decide to sell the house and move, you'd pay off the debt from the proceeds of the sale but the only way to get rid of the student loans is to pay them.

[twest]

Student loans definitely

[jamiesmoneyadvice]

Student Loans

Student loans will follow you forever and you can't shed the debt, even after bankruptcy. Even though the interest rate is a bit higher pay them off first to get rid of them.

[carmela1]

Focus on the mortgage loan then the student loan. Just my two cents

[snafu]

ther

Because there is no getting away from SL, I'd pay required sum to mortgage and throw as much as possible directly to principal SL. Sell items no longer used, needed or loved to generate a bit more income. If practical, I'd rent a room to a foreign student to move you to your goal faster. You lose a bit of privacy but it's a fun experience.

As Dr. Steve explained, if you are offered a better, more desirable job in an other city the house can be sold; if something goes wrong, the house can be sold, it's not an uncomfortable albatross hung around your neck. There is potential for your house to appreciate in value over the long term. Can't see that in a SL.

[Weird Tolkienish Figure]

Our home has 2 debts: mortgage and student loans, the loans were consolidated years ago and the interest rate is almost the exact same as our mortgage. The amount due is also very similar. And we can write off interest paid on both. So do we pay them both down equally? Is there one of them which we should focus on paying off quicker?

To give you numbers its $85k home and 80k student loans. Home is at 2.99% and student loans are 3.00%
Household income is $110k

Are student loans private or federal? If they are federal I wouldn't worry about them too much.

If they are private, pay them off ASAP. Remember that if you get into trouble you can sell your house, foreclosure, etc., but you will never ever escape student loans. Get rid of these horrible things ASAP!

[RLM008]

How Much is Your Monthly Payment for Each

In order to give you the best answer possible to your question, can you please provide your monthly payment for each?

You stated that your home debt was a total of 85k at 2.99%..What is the current term of the debt and how much is your minimum monthly? Are you paying just the minimum?

The same with the student loan. You stated the total as being 80k at 3.00%...What is the current minimum monthly?

I don't mean to pry, but this is the only way to give you the best advice to your question based on the numbers themselves and not just an open opinion based on personal preference.

[turnera]

Is there an early payoff benefit for paying student loans first? If not, if you pay off the mortgage early, you likely pay much less in the end. By paying extra on the mortgage, you could cut it from a 30-year loan to a 20-year loan and save tens of thousands in interest.

[dczech09]

Student loans, without question. Student loans carry more inherent risk, so I would focus on those first.