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I have a mortgage at 5.5% and a home equity line of credit. Which should I pay down first?

We have no other debt to pay off and we are able to put from 0-00 extra each month on these over the required payment. What I have been doing it putting it all on the HELOC. Is this the wisest choice. The mortgage is fixed 5.5% with a balance of 5,000. The HELOC is variable with a balance of ,000

This entry was posted on Friday, February 5th, 2010 at 10:57 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “I have a mortgage at 5.5% and a home equity line of credit. Which should I pay down first?”

  1. Krystal F says:
    February 5, 2010 at 10:57 am

    Definitely pay off the HELOC first. It is a much smaller amount and the rate is variable. Then you can tackle the bigger mortgage.

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