Paying down solar loan versus paying down mortgage

Paying down solar loan versus paying down mortgage

So, we could have paid out of pocket for solar but we got a loan to be on the safe side in keeping more emergency liquid saving (given uncertain income in near future). But if/when employment/income seems stable and safe enough, the question is:

  • Are there advantages to paying down mortgage versus paying down solar loan?

My thinking/questions:

  • Heard something about the idea of offering potential future home buyer (if we sell) a discount based on taking over solar loan as opposed to the simpler aspect of them just paying higher price (which effectively means consolidating the solar loan into their mortgage).
    • Something about this being good sales tactic or option, maybe appeals to people who are struggling to qualify for a higher mortgage?
    • Obviously, this option disappears if we pay off the solar loan
  • If mortgage rate and solar loan rate are similar (but mortgage principle outstanding is order of magnitude higher), would we save more by paying down one loan versus the other?
  • Are there other differences between the loans to consider?
submitted by /u/wolftune
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