Posted on: 06th May, 2010 02:28 pm
Which mortgage should I make add'l principal payments on?
Mortgage 1 (principal residence): Remaining loan: $232,119.30, 30-year fixed jumbo interest only, 7.5%, 26 yrs. 5 mos. remaining, $1650.62 current mo. pymt, no equity
Mortgage 2 (rental property): Remaining loan: $162,251.62, 30-year conventional, 5.875%, 23 yrs. 4 mos. remaining, $1288.44 current mo. pymt, approx. $60,000 in equity
Mortgage 1 (principal residence): Remaining loan: $232,119.30, 30-year fixed jumbo interest only, 7.5%, 26 yrs. 5 mos. remaining, $1650.62 current mo. pymt, no equity
Mortgage 2 (rental property): Remaining loan: $162,251.62, 30-year conventional, 5.875%, 23 yrs. 4 mos. remaining, $1288.44 current mo. pymt, approx. $60,000 in equity
Hi cathygibb!
Welcome to forums!
In my opinion, it would be better if you could make additional payments towards your primary residence. This will help you in adding some equity in your property and your primary residence will become lien free faster.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
In my opinion, it would be better if you could make additional payments towards your primary residence. This will help you in adding some equity in your property and your primary residence will become lien free faster.
Feel free to ask if you've further queries.
Sussane
Thanks for your advice! That's what I was thinking too.