Saturday, January 14, 2012

I owe 130k on mortgage at 7%, I have 5k in the bank?

I have a negative net worth of 31k. Mort ,7% stnd fixed, is my only debt. condo appraised lasat mo at 100k, mort balance is 130k. I want to save for a house. I am good with my money. I don't spend much. I earn 65/yr. I would like to move into a house in 5years. Do I take 5k I have in savings and put it to the mort, or keep it in my savings so I can reach my 60k goal to have when I go looking in 5 years..thanks

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