Pay off all my debt with sale of inherited home? Looking for 2nd opinions on my plan.
I sold a home I inherited and will net about $115k (profit). I do have a mortgage on my current home of about $50k, about $20k on my car loan, and about $7k in personal loan and credit card bills. My plan is to take the profit from the sale of the inherited home, and pay down all of my debt. If I did that, I'd be left with a little more than $30K in the bank and debt free! I could then add more to my retirement account and be on my merry way. My gut tells me to do just that. Is that what you would do in my situation? Would you keep the mortgage?