Money Blog - Doubling down on houses

This week we're going to buy another house to try and pay off our first house faster!


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...