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A question on our car payments + savings

Hello everyone,

We have bought our first house and we are budgeted correctly. I *over* estimated how much closing costs would be for our home and we are going to be left with a total of 19k after everything (closing, home insurance, taxes, and down payment).

We both have cars. She owes 6k and has a monthly payment of $220. I owe 10k and have a monthly payment of $280. This is our plan, and I want to know if its a no go or not.

I would take 9k + 1k from an item thats pending sale, and pay off my car.

With the extra $280 saved each month, I would combine that with her car payment to make a total of $500. We would do this for a year until her car is paid off.

After paying my car off in full, we would be left with 10k for emergency savings.

Our house was fully inspected twice and no major issues were found.

We both need reliable cars, we have about an hour commute each day.

Let me know opinions on this plan or if it should be a no go!

Thanks!

submitted by /u/The_Studious_
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