Fern had a great comment/question in my last post. And I thought I'd address it in its own post. (Hope you don't mind, Fern!)



Fern's Comment:

"I love your methodicial and ambitious plans for paying off the loan (sounds like me). But let me ask you this, just to double-check: what's the rate of your student loan vs. your mortgage? Don't federal student loans have fairly low rates?"



First, there's actually not much difference between the two rates. I have a good deal on the mortgage rate and the student loan rates were slightly higher at the time I was in school. So the student loan is only 0.125% less than the mortgage.

And for me, a lot of this is mental. I graduated high school 11 years ago and college 7 years ago. I don't want to still be paying for a school I went to almost a decade ago!

Plus, paying off my mortgage is not something I will be able to do in the immediate future (like in the next year or two). I plan on paying it down as quickly as possible, but in the short-term, I'd just love to be debt free, but the house! And I can be there in about 6 months!