Paying off mortgages
I've been buying properties last several years but I have an end goal of owning a "small and mighty" portfolio where I own all homes outright. I'm at almost 15 doors now and I haven't really started paying off any homes as I get too excited with constant prospects of good buys so I just end up buying more 😅
How do I determine which homes I should pay off first? I have mortgages ranging from 3% all the way up to 8%. Logic says to pay off the higher interest ones, but this is new area to me.
Is there any math behind which homes to pay off first? What are some things to consider? Some examples of some loans I have
-180k left with a 3.25%
-78k left with 8% seller finance loan
-115k left with 6.25% interest
I also have 2 outstanding HELOCs open with outstanding balances. That's simple interest loans. Balances are 110k and 50k outstanding. Both are at 7.5% interest.