2009
10.15
10.15
SwingLifeAway asked:
I have a 30 year fixed rate 5.75% mortgage for $292,000. My payments began in March 2006. I am paying it off aggressively and to date owe $243,000. My monthly payments are roughly $2,000 but I’ve been paying almost double that each month. If I keep up at this rate (and maybe even more each month), will it only take me 15 years to pay off? Where can I find a calculator to figure this out? Thank you for your help!
Fernando
I have a 30 year fixed rate 5.75% mortgage for $292,000. My payments began in March 2006. I am paying it off aggressively and to date owe $243,000. My monthly payments are roughly $2,000 but I’ve been paying almost double that each month. If I keep up at this rate (and maybe even more each month), will it only take me 15 years to pay off? Where can I find a calculator to figure this out? Thank you for your help!
Fernando
Reginald
– use the amortization calculator
Tiffany
Yes you will pay off in 1/2 the time. In your Title Package should of been a amoritization schedule telling you how much you would be paying in interest. Which means you are basically beating the bank. If you took that loan full term you would of paid almost double. When you get to around $50K you may want to look at investment properties. Have other people pay your dream vacations. If you need a Amoritization schedule please email me I will fax or email you one. Free because I have the tools to do this for you. Congratulations
Josephine
Search for amortization or mortgage loan calculators. Once you find one you can play “what if” until heII won’t have it. BTW, making double payments throughout the loan will cut it back to more like 7 to 9 years. And, the more you can put in early in the loan the more good it does. Everything you pay above the interest come right off the principal. So early in the loan a double payment is about like making three or more. You pay interest on the unpaid balance. If the balance goes down you don’t have to pay interest on that part you paid extra the last month. It gets involved but if you play with the calculator a while you will see what I mean.
Judy
Any financial calculator will allow you to easily figure this out – I’ve been using an HP-12C for 20 years and it’s still an industry standard. If you currently have $243M left and you’re paying $4M per month, I figure you’ll have the loan paid down in 72 months, or just 6 years. If you pay just $2M per month, I figure you’ll have the loan paid down in 183 months, or just 3 months more than 15 years. Your required payment based on the original terms should only be $1,704, unless your payment includes impounds for taxes/insurance.
You can also use the financial functions on an Excel spreadsheet, but whether you do that or use a calculator, the exercise is the same. Enter your known variables, then solve for the unknown. Knowns: PV (present value=$243,000), i (interest rate=5.75%/12), FV (future value=0), and pmt (payment=4,000); solve for n (number of periods, which will give you 72 months).
Financial calculators should cost between $50-85. Good luck.