We have a mortgage now, but are looking to purchase a bigger home. We want to have 20% down to avoid PMI. The only debt we have is our 2 cars and the mortgage. We are able to save roughly $800 a month. And currently have $5,000 saved now. We would like to have close to $20,000 and make about $10,000 to have a total of $30,000 for the new house. But we also would like to pay down our cars quicker. Our car payments total around $725 a month and have 4 years left on one and 5 years left on the other. My question is this. Do we continue to save for the down payment on a new house? Do we make extra payments on the cars? Or do we make extra payments on our current mortgage?
Read more: Should we pay extra on a car or the house? Or should we save for more of a down payment on a new house?
