Quote:
Originally Posted by Rick Lee
It depends on your current equity position in the house and how long you want to keep it. If the mortgage payment is no problem for you and you plan to keep the house until it's paid off, then I wouldn't pay down extra principle. Even if you paid it down by 99%, your required minimum payment, taxes and insurance wouldn't change. If you have less than 20% equity and think you may sell in the next five years, then I'd think about paying down the balance.
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Have about $80K in equity in the house so no PMI. Still owe around $180K. Last house I ever plan on buying. Payment is $1500 per month.
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Kurt V
No more Porsches, but a revolving number of motorcycles.
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