Background: Due to some not-so-good financial/home decisions by my spouse, I now must pay off our HELOC to the bank. We own the house but the bank owns us b/c the HELOC was only paid and never paid off sooner due to the other person thinking it would be possible to convert it to a 30-year mortgage when it expired, which never happened, the bank automatically told us we must now pay it back over 10 years with $X per month payments. Unfortunately for various reasons it would be very difficult to change things, also not rocking the boat is at this point a good idea.
We now have large monthly payments to pay off the HELOC.
Is paying back a HELOC similar to paying a credit card?? Where one should pay more than the minimum each month and paying something weekly is better than paying monthly?? The interest rate is 7.75% (thank you, inflation and The Fed!!) and there is a .02xxxx% daily periodic rate.
I am thinking it would be better to try to perhaps pay when possible a month ahead and also definitely as soon as possible start paying slightly more than 1/4 the total monthly payment every week rather than only one payment/month.
Am I on the right track with how I am thinking about this and planning to pay all this??
Thank you, :) p