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Updated over 1 year ago,
Which one should I throw extra $$ at first?
Hello. I'm kind of torn and unsure. I have been putting and extra $750 mo onto my primary residence mortgage for many years now. A little over a year ago I bought my first rental property using a business loan and a HELOC. I have been putting an extra $1500 mo onto the HELOC since inception to get my equity back ASAP. Both loans currently: Primary mortgage: $78,500 at 3.78% and HELOC: $76,000 at 5.75% fixed with an every 5 yr renewal. I'm looking at putting another $200 mo somewhere on top of it all. Should I pull all the primary mortgage extra payments and combine that with the HELOC extra a'la the Dave Ramsey plan? Or should I keep doing what I'm doing and just add the extra $200 onto one or the other loans? Or, some other option I haven't thought of??
Thank you for the advice. I appreciate it.