So the one thing that leaps out at me is your monthly mortgage payment. Unless you are being really aggressive with paying it off or your rate is out of sight, I can't make your stated numbers work. If it is a case of wanting to pay it down, you are doing that to the detriment of the rest of your finances right now. Do you have enough equity in the property to refinance at a better rate or a longer term?
Our mortgage interest rate is 5.35% I believe. We currently pay PMI and our property taxes are included in that payment amount. We finalized this mortgage in early 2012 after blowing our credit to short sale our last house that was in the middle of a slum. We have zero equity because of the mess with the housing market.
As for your snowball amount, the student loans are relatively cheap (well the 2.75% one is) and tax deductible, so hold off on them for now. You need a bigger e-fund and to pay down the car and 401k loans. I don't know the interest rates on either, but I would lean towards knocking out the 401k loans first.
401k loan is 3.25%. Car loan is 5.49%.
Lastly, I would question where do you see yourself in 5 years. You have a plan for reducing debt (yay!), but I don't get a feel that you have a plan for increasing your assets. Savings in your house sinking fund are just deferred consumption (see your list of projects). You will need to be ramping up your retirement savings/college savings.
Well, I don't have a plan for increasing my assets besides continuing my existing contributions to our 401k plans because, at this point, I am focusing on debt reduction first. Yes, savings for the house sinking fund are definitely for things that I know we need right now but don't have the cash for or that will need in less than 10 years. So, I consider them mini hordes of cash to avoid digging further into debt. I figure that once the debts are paid, then we can ramp up the retirement savings. It seems so far away at this point that it's hard to estimate what that might look like. I know that we want to be able to travel with the kids, do some more extensive home improvements, retire comfortably, and help our children out with college costs. But how can I think about any of that while I also have $45K in consumer debt, plus a hefty mortgage payment and student loans on top of that?