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Under: Debt
Paying off Mortgages
  • siebgal
    We own two homes: We owe $97k on a rental with about 7 years left on the loan. It's currently occupied but we are getting $300/month less than market value in rent. Our primary residence has $315k left. We plan to be in this home for at least 8 more years but don't know if it will be our "forever home". Should we pay off the rental first or work towards reducing the principal on the larger mortgage, our primary residence?
  • FLady
    It is hard to answer without knowing more information about interest rates. This question is often asked on the bogleheads forum. Perhaps you'll find helpful answers there.
  • siebgal
    Thanks. What is the bogleheads forum?
  • FLady
    It's another forum about investments/managing money. Check it out at bogleheads.org. It helped me when I was trying to decide whether to pay off student loans or invest.

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