Well, it's obvious you need to pay the 2nd mortgage first. Reason being, it's the higher rate of the 2.
Let's assume you have a 2nd of $26,600 with the same rate and term (7.25%, 15 years). At $242.82/month, you're paid off in 15 years...An extra $250 would bring you @ 5 1/2 years...If you...