My wife and I (filing jointly) have a home mortgage with about a $140,000 balance. Since my father died in October, we’ve been covering the mortgage payments on his home, which we are trying to sell, though the market is soft now. Dad's home mortgage is about $185,000, and the interest portion of the monthly payment is about $1,000 compared to $800 for our home mortgage. The liquid portion of Dad’s inheritance is enough to pay off one, but not both, of the mortgages. Which should we pay off first?
2007-12-11
18:56:32
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5 answers
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asked by
Anonymous