Asked by CubbieFan, Stevensville, MD • Sun Jun 13, 2010
We have a primary home mortgage in amount of $ 278,000 fixed 30 year 4.75% and rental property mortgage in amount of $ 126,000 fixed 30 year at 5.65%... we are looking to make extra payment, something like $ more 300-400 per month to build equity and to try to pay off the loan earlier, if possible. And, we are trying to decide which one, or... split and pay $ 150-200 extra on both... Simply looking at the interest rate, answer might be rental property, since it's got higher interes rate, but I am thinking this might be more complicated than just interest rate, since entire amount of interest paid for rental property is deductable... Any pointers?
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