This week we're going to sell our rental house to pay off our personal residence!
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 bought a rental house, which is putting money in my pocket each month.
The terms of the rental house mortgage: 30-year amortizing loan at 3.375% interest, $150,000 originally owed (the house is... Read more...