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AJ asked:

Balance on mortgage number two is about 28K (it has about 14 years left to pay it off)

Are you sure that the 2nd mortgage will actually be PAID OFF in 14 years? If the monthly payment on this mortgage is about $165, it will likely have a balloon payment of about $17k due in 14 years, rather than being paid off. In order to pay off this mortgage in 14 years, you need to be making payments in the $235/month range.

^^^^^^^^^^^^^^^^^^DDW says, yes - unless we are bankrupt or something. The documents on the loan state that it is a 15 year term at 246 bucks per year.

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