Quote:
Originally Posted by Gailete
My only concern with what you are doing is that once you have your bank changed to the higher amount, can you go to a lower if for some reason there is a problem and you can't pay that much. Why not just pay the extra as extra on the principal according to the original mortgage.
Good going on those plans. We only have about 7 more years before we are mortgage free. In the meantime we have some CC to pay off and I try to round up and pay extra as much as possible. In your case, I would be paying $350/week on the mortgage.
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I confirmed with the bank that I can lower the payment back to the original payment level if I ask.
In my opinion it is important to get rid of credit card debt before paying down the mortgage. I can go either way on car loans if the rate is reasonable.