junepet

My boyfriend and I recently bought our first home - a one-bedroom condo in the West End near Roncesvalles/High Park. We currently have a mortgage of $197,000 as well as my boyfriend's student loan which is $26,000. We borrowed $17,000 from my RRSP as part of the HBP.

We are really good at savings and are paying an extra $20 above our minimum mortgage payment every 2 weeks. I would like to max out on our mortgage payments, because we will want to move into a 2-bedroom or larger condo in a few years if we have kids. But we still have that $26,000 student loan to pay off and it doesn't seem to be going anywhere after we pay for everything else during a month and contribute to our savings.

In terms of all the debt repayment we have to do (student loan, mortgage, RRSP HBP and my sister), which would be the most important to focus on and if we have some money left over at the end of the month where should it go?

Thanks Rob! Really appreciate that advice. We'll work towards putting any extra $ we have left towards that student loan. Will also make sure to put our RRSP contributions towards the HBP repayment starting this year. Thank you!