My wife and I have two houses: one her parents live in and has only 4.5 years of mortgage payments left, the other we live in and is only 2 years into a 30 year mortgage. She has been making extra payments on the 4.5 year house for many years, hence it'll be paid off about 10 years early. Most of the monthly payment is now principal, and I estimate if she continues the extra payments it will only pay it off in about 4 years. Both mortgages are a similar interest rate. Should we put those extra payments towards the 2nd house ? Does it even make any difference ?
What are the interest rates? if they are from 10 years ago they could be very high. I would check with a credit union for a 5 year loan at 2.8% interest. Pay off both mortgages with it. And pay the 5 year loan over 5 years or less. I wouldn't pay it early because at 2.8 its almost a free loan due to inflation and the return you can make on your extra money buying low risk assets.