Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal



Real Estate Classifieds
Reviews & Feedback
Updated about 9 years ago on . Most recent reply
Pay which houses down first?
I have both first and second mortgage of my primary home. The second mortgage rate is much higher than first.
I also have several rentals which have either 15 year or 30 year loans, they have different interest rates.
If I want to pay down the balance, which loan should I pay down first, and what's next?
My guess is to pay down the second mortgage of my primary home. Then I don't know what should I do. Will it be my primary home first mortgage or the highest rate of rental, or the loan with smallest balance.
I am paying minimum due for all loans now.
Most Popular Reply

Smallest balance first. Then use the saved payment from the payed off loan to speed up the next lowest balance loan, and so on.