Hey all - first time post here. Hope I don't violate the forum etiquette. Please reprimand away if I do.
I'm in need of some guidance on my way to being debt free. After paying off all other debt (student loans, car payments, etc) the only thing left for my wife and I to tackle is our mortgage.
Here's the details:
- Original Loan: $228,000, 30-year fixed @ 4.125%
Current Status: $195,437, 27-years, 4 months remaining, still @ 4.125%
Current Mortgage: $1318/month (includes HI, PMI, and escrow for property taxes)
We really want to get this paid off ASAP. The first thing we want to do is get rid of PMI, but looking for the best advice in terms of how to tackle this challenge.
Should we refi?
How much extra should we pay a month and how would that impact our mortgage?
Thanks!