Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago,

User Stats

59
Posts
16
Votes
Joe B.
  • Real Estate Agent
  • Wilmington, NC
16
Votes |
59
Posts

Pay off mortgage quicker or use use that money for another house?

Joe B.
  • Real Estate Agent
  • Wilmington, NC
Posted

Hey all

I finally bit the bullet and purchased my first place. It is a 3bd/2bath SFH that was ~190k. My monthly payments are $1200 (PITI, Interest is 4.75%) and I will be having 1 roommate pay $500 and the other pay $425, while I live in the other room for now. All in all for $275 a month I own my very first property.

My question is, would you recommend paying down the principal quicker, or saving the excess money Id use and use it for a down payment on another property?

What do you guys think?

Loading replies...