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      08-17-2019, 07:40 PM   #1
obert
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Drives: 2013 328i
Join Date: Oct 2011
Location: Seattle Wa

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Question Should I pay off my car or buy a house?

Okay here is the situation. I will be cashed out from my house next year from my ex-wife. I should get 70g. I currently live in an apartment and could not afford a house payment comfortably on my own if with 50g down.

So my question is should I take the 70g and pay my car off and then use the rest to make monthly child support for the next 13 years? Or should I pay my car off and put the 50g as a down payment on a house and pay the child support monthly from my income.

Remember that even with the 50g down money would be tight but I would have a house.

If I used it to pay child support I would have to stay renting a place but I wouldn’t be worried about cash on hand every month.

I am going to talk to a financial advisor to see what they think but wanted to see what you all thought as well. I am planning on making more money in the future but that’s not a guarantee.