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constant_kenn · Joined: 04 Feb 2011 Posts: 1 1.33 Dollars($)

Hello, I have a house bought in 2007 and I have a second mortgage with it. The second mortgage costs 68,000 with 8.5% interest and paying 675 each month. I want to pay it off in the next two years. I have 20,000 in the bank that can be applied to the principal. How much extra monthly payment should I pay after the 20,000..or paying 20K would be a good idea?

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I will suggest you to contact your lender and check out how much you'll have to pay extra toward your loan so that you can pay off the loan in 2 years time.

jimgilly · Posted: Mon Feb 07, 2011 3:29 am Post subject:

There is not enough to go on to provide you with sound advice such as what's the loan amount and interest rate of the 1st mortgage? What state/county is the property located and do you have a good idea on what the current value of the property is right now? How is your credit rating/credit scores?

Provide that info and I could give you some suggestions on what you might want to do that would make sense.

Karmapolice · Joined: 13 Feb 2011 Posts: 20 3.50 Dollars($)

What state is the property located in and what is the interest rate / loan amount on your first mortgage and how is your credit score?

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