Posted on: 04th Feb, 2011 08:54 pm
hello, i have a house bought in 2007 and i have a second mortgage with it. the second mortgage costs 68,000 with 8.5% interest and paying 675 each month. i want to pay it off in the next two years. i have 20,000 in the bank that can be applied to the principal. how much extra monthly payment should i pay after the 20,000..or paying 20k would be a good idea?
I will suggest you to contact your lender and check out how much you'll have to pay extra toward your loan so that you can pay off the loan in 2 years time.
There is not enough to go on to provide you with sound advice such as what's the loan amount and interest rate of the 1st mortgage? What state/county is the property located and do you have a good idea on what the current value of the property is right now? How is your credit rating/credit scores?
Provide that info and I could give you some suggestions on what you might want to do that would make sense.
Provide that info and I could give you some suggestions on what you might want to do that would make sense.
What state is the property located in and what is the interest rate / loan amount on your first mortgage and how is your credit score?