bigger payments toward mrtgage or home equity line

[frannie01]

Hello! I'm wondering if I should focus on paying down my mortgage or my home equity line. I have approximately $30,000 left on the mortgage, which would be paid off in 2016. The home equity line has about $115,000 and right now I am only responsible for making monthly interest payments. It will turn to a regular 20 year mortgage in 2014. I pay extra each month for both- generally at least $200 more) The mortgage interest rate is 5.5% and I believe the equity line is 3.5% (adjustable.) My financial situation is I earn about $45,000 per year (a few thousand more IF I get overtime) and am 47 years old(single parent) with one child left in college (a sophomore). I really am not looking forward to having a mortgage from the home equity line when I'm in my 70's. Do I make larger payments to that each month rather than trying to pay off my regular mortgage early?

Please advise.
Thanks!

[artwest]

My initial thought would be to refinance your mortgage and roll the home equity line into it.

You should be able to get a 15 year fixed rate in the neighborhood of 3.25%-3.50%.

A 15 year mortgage for $145,000 at 3.50% would be a payment of about $1,036 (P & I) per month. You would have this paid off by age 62 at the latest. If you can add extra to the principal you can pay it off sooner.

[artwest]

Sorry, I missed the part about your income being $45,000 per year.

Refinancing into a 20 year fixed rate may be better. That would be a payment of about $840 per month and you would have it paid off by age 67 at the latest.

[Petunia 100]

That was my thought too, Artwest.

If you don't wish to or can't re-finance, I would focus on the first mortgage because the balance is so much smaller, you can eliminate it much sooner.