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kurtrowland83

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I want to build a new house that fits our needs, should I pay off debt with current home sell profit
My wife and I want to build a new home that fits our family needs better. We would profit about 50k after closing costs on the sale of our current home.

Should we pay off our remaining vehicle debt at 40k after the sale or put down on the house?

We can use a VA loan so I don't have to put money down on the new house, and it doesn't make that big a difference on the montly payment even if I do. So in my opinion I would rather bank the money or pay off my 2 cars which would leave us with only debt being a mortgage. And we would reduce our overall monthly output by $500.

I've been in discussions with people who think I am mortgaging my current house to pay off my cars. I don't think this is entirely true in my case because I am not living beyond my means right now.

What is the downfall of being able to reduce your overall monthly debt obligations and buy a new house at the same time, while still pocketing some money?

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