scooter260
Dryer sheet wannabe
- Joined
- Dec 1, 2007
- Messages
- 20
Here's my situation:
Mortgage of $415,000. 30 years. 4.875% rate.
HELOC of $81,000. 4.875% rate.
I will be able to pay approx. $2,500/month above and beyond my current principal + interest amounts on both loans. Which loan should I apply this extra money against....the mortgage or the HELOC? Is it better to get the HELOC paid off and done or start paying down the mortgage first?
Thanks!
Mortgage of $415,000. 30 years. 4.875% rate.
HELOC of $81,000. 4.875% rate.
I will be able to pay approx. $2,500/month above and beyond my current principal + interest amounts on both loans. Which loan should I apply this extra money against....the mortgage or the HELOC? Is it better to get the HELOC paid off and done or start paying down the mortgage first?
Thanks!