docta13
05-12-2010, 07:13 AM
Hello, I currently have to loans out for my house (to avoid balloon). They are:
$340k at 5.75% (30-year fixed)
$62k at 8.0% (30-year fixed)
To try and cut down on the interest accrual, I'd like to split my current monthly payments into 2 per month (half on the 15th, half at end of month). My question is, what is the optimal way to pay based on the current interest rates I have? Should I pay exactly half of each of the two loan payments twice per month?
Thanks!
$340k at 5.75% (30-year fixed)
$62k at 8.0% (30-year fixed)
To try and cut down on the interest accrual, I'd like to split my current monthly payments into 2 per month (half on the 15th, half at end of month). My question is, what is the optimal way to pay based on the current interest rates I have? Should I pay exactly half of each of the two loan payments twice per month?
Thanks!