is ti possible to payoff mortgage in 5 years?

Answer 1

Sure, especially if you have no prepayment penalty on your mortgage. Say that someone passes away and you get a decent sized inheritance, you can certainly use that money to pay off the mortgage. Or, if you are trying to do it oin your own, if you paid in a lot of extra money every month, you could pay it off in 5 years.

Answer 2

Yes, any mortgage can be paid off at any time. Some older mortgages may have a pre-payment penalty. Check the original loan documents. If you have a thirty year mortgage and you make one extra principal and interest payment each year, it will shorten the loan payoff by 9.5 years, to 20.5 years.
If you are trying to pay it off faster, you will need to make extra payments more often, or make larger payments toward principal reduction.
Karl's Mortgage Calculator is free and available on-line. It is an excellent toll for helping you calculate the necessary payment amounts and intervals. You can play around with it using differing scenarios, and it has graph charts for visual aids to help the mathematically impaired.
I encourage you to look into this, as it can save you many thousands of dollars in interest over the life of your loan. Your Realtor and/or mortgage broker can assist you in developing a stategy that is just right for you.

Answer 3

Yes, I always took out 10 year mortgages on my houses. You pay a lot of interest on longer mortgages so the cost of a 10 year mortgage is not double the cost of a 20 year mortgage. The monthly fee on a 10 year $100,000 mortgage is $1213.28 a month while the cost of a 20 year mortgage is $836.44 a month. You can figure it out at http://www.mortgage-calc.com/mortgage/simple.php
The question is can you afford the payments?
Some mortgages also allow you to make extra payments to pay it off sooner, others have prepayment penalties.
You might want to take in a roommate and use the rent money to pay the mortgage off

Answer 4

No-one knows what is going to ensue so it really isn't any longer conceivable to predict, i'm afraid. numerous years in the past we took out a not straight forward and quickly over a tracker as actually everyone stated expenses were going to rocket and they fell! The 5 12 months option would grant you with protection over what your funds will be for an prolonged time, if it really is what you're searching for, inspite of the actual undeniable truth that undergo in thoughts the further money you'd be paying on the 5 years (the large difference over 2 years is merely about £a million,500). in reality your lender would answer your question about transferring products, yet undergo in thoughts that some products do not stay round too lengthy and no matter if you may flow you'll likely desire to pay yet another fee. My important propose will be, although length you elect, once you're on a not straight forward and quickly price, attempt to brush aside what expenses are doing.

Answer 5

Check with your mortgage provider. Many banks have a built-in expectation of earning interest throughout 15 or 30 years. Therefore showing up on their doors and announcing you'd like to strip them of their interest won't make them happy.

Luckily, the Internet is here with the power to shop around for various financial opportunities. Do some research on major bank and mortgage broker sites to find out the best deals.

Answer 6

Yes if you pay about $1700 a more a month



Results
$155,139.13
Interest Savings

Current Payment Extra Payment
Principal & Interest $758.78 $2,458.78
Total Payments 360 48
Total Interest Paid $172,160.54 $17,021.40

Interest Savings $155,139.13
Time Savings 26 year(s) 0 month(s)

Answer 7

Yes, but it depends on your loan. Some loans have a pre-payment penalty. The will charge you penalty fees for paying off your loan too soon. Check with your bank. Sometimes it is not smart to pay off your house right away.

Plus the interest you pay on your mortgage is a tax dectuable.

Answer 8

Sure you can. There are books on the market concerning this very subject. Of course, you must have the money and you must check the daily rates. call your bank or a mortgage broker who can find these deals for you.

Atlantic States Capital Brokers, LLC of Snellville, GA

Answer 9

Yes it’s realistic to repay a mortgage (or any loan for that matter) within five years. There’s not a big secrete to repaying a loan. Just be committed to the goal of being debt free, and don’t second guess yourself out of that goal.

Answer 10

yes its possible to pay off your mortgage in 5 years if you could actually give any extras on top of your mortgage payments every month it would bring your overall payment a liitle bit lower.