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Old 02-08-2009, 02:07 PM   #1
NeedtoSave
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Which loan to pay down 1st?
Which loan is better to pay down 1st?

6% mortgage, $45k balance (on house for sale or rent)
3.25% variable rate, interest-only HELOC, $249k balance (on same house)
5.75% mortgage, $265k balance (primary residence)

Thanks.
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Old 02-08-2009, 05:38 PM   #2
nck4857
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I would say the first one,the 6% 45K balance..
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Old 02-11-2009, 12:28 AM   #3
Jenie0109
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You could pay them all by using mortgage modification or loan consolidation.
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Old 02-12-2009, 03:11 PM   #4
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Thanks. Wouldn't that actually cost more per month because the interest-only loan balance would require principal payments once they were all combined?
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Old 02-12-2009, 03:14 PM   #5
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Which loan to pay down 1st?
Quote:
Originally Posted by nck4857
I would say the first one,the 6% 45K balance..
Thanks. That would be the highest interest rate and the lowest balance. However, the 3.25% is a variable rate and really makes me nervous with the lifetime cap of 15% which would not be affordable. Eventually, rates will rise again.
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