Quote:
Originally Posted by Hog Farmer
Lets say you have 2 mortgages on 2 different properties :
1 mortgage is paid down to $13,904.22
Interest rate is 5.0%
Monthly payment is $291.65 (174.35 Principle & 57.93 Interest.) Rest is taxes.
1 mortgage is at $111,999.64
Interest rate is 6.25%
Monthly Payment is $982.74 (204.96 Principle & 583.16 Interest) Rest is taxes
Here's the question: If you had the $13,904.22 to pay off the #1 mortgage and apply the monthly payment of $232.28 (P&I-Taxes) to the second mortgage, would that be better than just applying the $13,904.22 to the # 2 mortgage ? Which would save you more money ?
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Funny I'm in the same boat - numbers a little different:
Mortgage #1 - $50,000 left monthly payment of $450
Mortgage #2 - $104,000 left monthly payment of $750
I have $55K to play with.