Life Mortgage pay down question

Hog's Gone Fishin · 10-14-2015, 06:49 PM

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 ?

10-14-2015, 06:49 PM	Topic Starter
Hog's Gone Fishin Fish are scared of me Join Date: Nov 2001 Casino cash: $-1539523	Mortgage pay down question 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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