We sold our house to pay off debts and closing date is today (Aug. 20th). We will be living with my in-laws for the time being, as I have had to quit my job to be home with my daughter due to medical needs. I have two questions. Firstly, what is your best suggestion to investing $60,000-$80,000 while we are living with our in-laws until we find our next house (obviously trying to find something that I can consumer debt such as Line of Credit and Credit Cards but will not be paying of 0% interest car loan. However I am unsure if I should be paying off my OSAP Loan. It is roughly $20,000 and I pay $269/month. I don't know which is better. Freeing up the $269 to use towards a future mortgage payment, but having a smaller down payment OR having a larger down payment but still having the $269/month debt payment. We will have roughly $114,000 net from our house sale. $20,000 in Line of Credit and $6000 in credit card debt. My husband makes $56,900 annually. Based on my previous house I am assuming our next house will have roughly $3000 annual property tax, $50/month water, $80-100 hydro and $100-150 gas bills. Our car payment is $280/month (insurance is $170/month). Hope that is enough information but if not please feel free to contact me. Thank you so much for any help you can offer.
Added (1). Error Noted***…(obviously trying to find something that I can have access to without penalty while earning the highest possible return). Secondly we will be paying off consumer debt such as Line of Credit…
Read more: To pay off debt or use money for down payment?
