I currently have 3 mortgages. I have been aggressively paying off my primary residence and have balance of $143,000. At my current pace of repayment I should eliminate this debt by December of 2018. Ambitious but possible.
This is the amortization schedule for the remaining payments. 15 year loan, 3.375% interest and a monthly payment of $2,409.78.
1 $157,000.00 $14,000.00 $441.56 $14,000.00 $441.56 $143,000.00
2 $143,000.00 $2,007.59 $402.19 $16,007.59 $843.75 $140,992.41
3 $140,992.41 $2,013.24 $396.54 $18,020.83 $1,240.29 $138,979.17
4 $138,979.17 $2,018.90 $390.88 $20,039.73 $1,631.17 $136,960.27
5 $136,960.27 $2,024.58 $385.20 $22,064.31 $2,016.37 $134,935.69
6 $134,935.69 $2,030.27 $379.51 $24,094.58 $2,395.88 $132,905.42
7 $132,905.42 $2,035.98 $373.80 $26,130.57 $2,769.67 $130,869.43
8 $130,869.43 $2,041.71 $368.07 $28,172.28 $3,137.74 $128,827.72
9 $128,827.72 $2,047.45 $362.33 $30,219.73 $3,500.07 $126,780.27
10 $126,780.27 $2,053.21 $356.57 $32,272.94 $3,856.64 $124,727.06
11 $124,727.06 $2,058.99 $350.79 $34,331.92 $4,207.44 $122,668.08
12 $122,668.08 $2,064.78 $345.00 $36,396.70 $4,552.44 $120,603.30
13 $120,603.30 $2,070.58 $339.20 $38,467.28 $4,891.64 $118,532.72
14 $118,532.72 $2,076.41 $333.37 $40,543.69 $5,225.01 $116,456.31
15 $116,456.31 $2,082.25 $327.53 $42,625.94 $5,552.54 $114,374.06
16 $114,374.06 $2,088.10 $321.68 $44,714.04 $5,874.22 $112,285.96
17 $112,285.96 $2,093.98 $315.80 $46,808.01 $6,190.03 $110,191.99
18 $110,191.99 $2,099.87 $309.91 $48,907.88 $6,499.94 $108,092.12
19 $108,092.12 $2,105.77 $304.01 $51,013.65 $6,803.95 $105,986.35
20 $105,986.35 $2,111.69 $298.09 $53,125.34 $7,102.04 $103,874.66
21 $103,874.66 $2,117.63 $292.15 $55,242.98 $7,394.18 $101,757.02
22 $101,757.02 $2,123.59 $286.19 $57,366.56 $7,680.38 $99,633.44
23 $99,633.44 $2,129.56 $280.22 $59,496.13 $7,960.59 $97,503.87
24 $97,503.87 $2,135.55 $274.23 $61,631.68 $8,234.82 $95,368.32
25 $95,368.32 $2,141.56 $268.22 $63,773.23 $8,503.05 $93,226.77
26 $93,226.77 $2,147.58 $262.20 $65,920.81 $8,765.25 $91,079.19
27 $91,079.19 $2,153.62 $256.16 $68,074.43 $9,021.41 $88,925.57
28 $88,925.57 $2,159.68 $250.10 $70,234.11 $9,271.51 $86,765.89
29 $86,765.89 $2,165.75 $244.03 $72,399.86 $9,515.54 $84,600.14
30 $84,600.14 $2,171.84 $237.94 $74,571.70 $9,753.48 $82,428.30
31 $82,428.30 $2,177.95 $231.83 $76,749.65 $9,985.31 $80,250.35
32 $80,250.35 $2,184.08 $225.70 $78,933.73 $10,211.01 $78,066.27
33 $78,066.27 $2,190.22 $219.56 $81,123.95 $10,430.57 $75,876.05
34 $75,876.05 $2,196.38 $213.40 $83,320.33 $10,643.97 $73,679.67
35 $73,679.67 $2,202.56 $207.22 $85,522.88 $10,851.20 $71,477.12
36 $71,477.12 $2,208.75 $201.03 $87,731.63 $11,052.23 $69,268.37
37 $69,268.37 $2,214.96 $194.82 $89,946.59 $11,247.05 $67,053.41
38 $67,053.41 $2,221.19 $188.59 $92,167.79 $11,435.63 $64,832.21
39 $64,832.21 $2,227.44 $182.34 $94,395.23 $11,617.97 $62,604.77
40 $62,604.77 $2,233.70 $176.08 $96,628.93 $11,794.05 $60,371.07
41 $60,371.07 $2,239.99 $169.79 $98,868.92 $11,963.84 $58,131.08
42 $58,131.08 $2,246.29 $163.49 $101,115.20 $12,127.34 $55,884.80
43 $55,884.80 $2,252.60 $157.18 $103,367.81 $12,284.51 $53,632.19
44 $53,632.19 $2,258.94 $150.84 $105,626.75 $12,435.35 $51,373.25
45 $51,373.25 $2,265.29 $144.49 $107,892.04 $12,579.84 $49,107.96
46 $49,107.96 $2,271.66 $138.12 $110,163.70 $12,717.96 $46,836.30
47 $46,836.30 $2,278.05 $131.73 $112,441.76 $12,849.68 $44,558.24
48 $44,558.24 $2,284.46 $125.32 $114,726.22 $12,975.00 $42,273.78
49 $42,273.78 $2,290.88 $118.90 $117,017.10 $13,093.90 $39,982.90
50 $39,982.90 $2,297.33 $112.45 $119,314.43 $13,206.35 $37,685.57
51 $37,685.57 $2,303.79 $105.99 $121,618.22 $13,312.34 $35,381.78
52 $35,381.78 $2,310.27 $99.51 $123,928.49 $13,411.85 $33,071.51
53 $33,071.51 $2,316.77 $93.01 $126,245.25 $13,504.87 $30,754.75
54 $30,754.75 $2,323.28 $86.50 $128,568.54 $13,591.36 $28,431.46
55 $28,431.46 $2,329.82 $79.96 $130,898.35 $13,671.33 $26,101.65
56 $26,101.65 $2,336.37 $73.41 $133,234.72 $13,744.74 $23,765.28
57 $23,765.28 $2,342.94 $66.84 $135,577.66 $13,811.58 $21,422.34
58 $21,422.34 $2,349.53 $60.25 $137,927.19 $13,871.83 $19,072.81
59 $19,072.81 $2,356.14 $53.64 $140,283.33 $13,925.47 $16,716.67
60 $16,716.67 $2,362.76 $47.02 $142,646.09 $13,972.49 $14,353.91
61 $14,353.91 $2,369.41 $40.37 $145,015.50 $14,012.86 $11,984.50
62 $11,984.50 $2,376.07 $33.71 $147,391.58 $14,046.56 $9,608.42
63 $9,608.42 $2,382.76 $27.02 $149,774.33 $14,073.59 $7,225.67
64 $7,225.67 $2,389.46 $20.32 $152,163.79 $14,093.91 $4,836.21
65 $4,836.21 $2,396.18 $13.60 $154,559.97 $14,107.51 $2,440.03
66 $2,440.03 $2,402.92 $6.86 $156,962.89 $14,114.37 $37.11
67 $37.11 $2,409.68 $0.10 $159,372.56 $14,114.48 ($2,372.56)
Loan #2 Balance of $271,443.33 30 years 4.63% $1,542.42
Loan #3 Balance of $247,042.57 30 years 4.13% $1,332.79
The primary goal is to create cash flow from my rentals that will make me finanaciall independent.
Eliminating the mortgage payment of $2400 a month would do just that as I would have $60k in recurring income with no mortgage.
My concern is that paying off my current mortgage would bring my interest deduction down to around $3k in 2018 and I will be paying more in taxes.
So my though/question is whether I should refinance my home loan (primary residence), apply a certain amount toward Loan #2 and then
continue to work toward paying off Loan #2 until it is repaid.
What is my best strategy? I want the lowest rate but also the best cash flow scenario? Does having a lower LTV make a difference? Someone told me that rates are better with a 65% LTV but I haven't had this confirmed.
