This week we're going to buy another house to try and pay off our first house faster!
THE SCENARIO:
Building off the last couple of articles, we're going to stick with my mortgage. To recap, here are the pertinent details:
I put $100,000 down and borrowed $350,000 to buy a house 34 months ago. The mortgage amortizes fully over 30 years, has monthly payments of $2,241.09,and the rate is 6.625%. I still owe $338,465.83, and thanks to a generous inheritance from my late Aunt Matilda, I have $100,000 to use to help me with my mortgage.
Instead of paying down my mortgage, however, I'm going to use the inheritance to get another mortgage, this time on a r... Read more...