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Reply to "Paying Extra Principal on Mortgage"
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[quote=Anonymous]I'm pretty sure this is a no-brainer, but want to make sure I'm not missing a nuance I should be thinking of. I own two properties - one is my primary residence with a low interest rate loan (2.875%) - the other is a second home with a higher interest rate loan (4.5%). I have about $1000 per month to put towards extra principal and assume it makes the most sense to put all of that down on the loan with the higher interest rate, right? And just pay the regular mortgage on the lower rate loan?[/quote]
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