P
PRNole
I had posted this on another thread but later realized it was not
completely related to it (didn't mean to hijack the origional thread),
so I am reposting it as a new thread...
Is it better or wiser to continue to make extra payments on a 2nd
mortgage until it's paid off or, instead, make the minimum payments and
try to pay
it off whenever the home is sold?
In my case, I'm 58 y/o, plan to work another 8 to 10 years, and
currently owe about 50% of the max available loan. I send
them $1,000 monthly instead of the min. $225 required in monthy
payments.
So, I can either continue to make the $1,000 monthly payments and pay
the loan off in 3 more years -- or -- I can send the $225 minimum
payment, keep the $775 for something else, and close out the loan
balance whenever I sell
my home.
Which is wiser?
completely related to it (didn't mean to hijack the origional thread),
so I am reposting it as a new thread...
Is it better or wiser to continue to make extra payments on a 2nd
mortgage until it's paid off or, instead, make the minimum payments and
try to pay
it off whenever the home is sold?
In my case, I'm 58 y/o, plan to work another 8 to 10 years, and
currently owe about 50% of the max available loan. I send
them $1,000 monthly instead of the min. $225 required in monthy
payments.
So, I can either continue to make the $1,000 monthly payments and pay
the loan off in 3 more years -- or -- I can send the $225 minimum
payment, keep the $775 for something else, and close out the loan
balance whenever I sell
my home.
Which is wiser?