[pinkeyy501]

My uncle who has an accounting degree put together an amortization schedule in Excel sheet and it turns out that in the long run, I would be saving much more money to put $500 towards the big loan with lower interest rate.

The way he calculated is not the exact dollar amount as he used the current principal figure instead of the original loan amount which is close enough to see the difference.

If I put $500 extra towards principle to the big 30 yr loan, I would pay off 106 month early with approximately $196,000 interest savings.

If I put $250 extra towards principle to the big 30 yr loan, I would pay off 64 month early with approximately $120,000 interest savings.

If I put $250 extra towards principle to the small 15 yr loan (higher interest), I would pay off 61 month early with approximately $20,000 interest savings.

Combined Interest Savings for paying $250 extra towards principle on both loans = approximately $140,000 interest savings.

Therefore, Paying $500 extra on large loan is the greater savings by approximately $56,000.

Thanks to my uncle, I was able to see the clear difference by calculated number. Hope this post helps others here, too.