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Old 10-14-2015, 06:49 PM   Topic Starter
Hog's Gone Fishin Hog's Gone Fishin is offline
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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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Old 10-14-2015, 07:05 PM   #2
Bewbies Bewbies is offline
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Google Dr Calculator and see.

It should show you paying off one mortgage is the better move to get them both paid off quicker.
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Old 10-14-2015, 07:06 PM   #3
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Pay off the one mortgage, then you can apply the extra towards the other. No brainer.
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Old 10-14-2015, 07:08 PM   #4
Jewish Rabbi Jewish Rabbi is offline
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You're technically better off paying down the higher interest mortgage, but I would rather be free and clear on the other property.
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Old 10-14-2015, 08:13 PM   #5
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You're technically better off paying down the higher interest mortgage, but I would rather be free and clear on the other property.
This.
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Old 10-14-2015, 09:25 PM   #6
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Quote:
Originally Posted by Jewish Rabbi View Post
You're technically better off paying down the higher interest mortgage, but I would rather be free and clear on the other property.
Yep. In most cases, I say to attack the highest interest rates first, but you're also paying for getting rid of the hassle and uncertainty of having two different loans. It'd be worth it to me to get rid of the small one even though you'll lose a little bit in interest.
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Old 10-14-2015, 07:13 PM   #7
aturnis aturnis is offline
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Pay down the small one and refinance the big one. Interest rate seems high.
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Old 10-14-2015, 07:31 PM   #8
Hog's Gone Fishin Hog's Gone Fishin is offline
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Quote:
Originally Posted by aturnis View Post
Pay down the small one and refinance the big one. Interest rate seems high.

It adjusts to 5% in 3 more years.
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Old 10-14-2015, 07:42 PM   #9
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Originally Posted by Hog Farmer View Post
It adjusts to 5% in 3 more years.
Well, that screwed up my spreadsheet. Hang on.
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Old 10-14-2015, 09:26 PM   #10
scho63 scho63 is online now
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Quote:
Originally Posted by aturnis View Post
Pay down the small one and refinance the big one. Interest rate seems high.
I like this answer.
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Old 10-14-2015, 07:15 PM   #11
DenverChief DenverChief is offline
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Quote:
Originally Posted by Hog Farmer View Post
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 ?
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.
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Old 10-14-2015, 07:19 PM   #12
HonestChieffan HonestChieffan is offline
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Who has a 6% or these days?
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Old 10-14-2015, 07:32 PM   #13
Hog's Gone Fishin Hog's Gone Fishin is offline
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Quote:
Originally Posted by HonestChieffan View Post
Who has a 6% or these days?
Investment properties.
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Old 10-14-2015, 07:39 PM   #14
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Old 10-14-2015, 07:43 PM   #15
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Use both hands while jerking off the hogs, double you productivity/income. Pay off the mortgage twice as fast!

You're welcome
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