2006-09-20 09:08:29 · 6 answers · asked by fungirl 3 in Business & Finance ➔ Personal Finance
10 year mortgage interst rate of 5.625%
2006-09-21 01:33:44 · update #1
Do an ammorization schedule on the amount of your payments and how much extra you to pay and it will ask you weeky monthly or 1 time payment and it will tell you how many payments you will save. Try this link http://www.bankrate.com/gookeyword/mortgage-calculator.asp
2006-09-20 09:18:11 · answer #1 · answered by Anonymous · 0⤊ 0⤋
if you make an extra 2 full payments per year, assuming you have a 30 year fixed, you will pay off the entire loan in about 17-18 years saving you about 100,000 in finance charges over the course of the loan.
2006-09-20 09:16:09 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Depends on your interest rate. You can play with a spreadsheet; or with one of the free online amortization tables.
Anyway, you'd be surprised how much you'd save, assuming you couldn't use the money for property speculation that would make you rich.
2006-09-20 09:16:22 · answer #3 · answered by Anonymous · 0⤊ 0⤋
i think about 7 or 8 years on a 30 year
2006-09-20 09:15:35 · answer #4 · answered by ever_curious 3 · 0⤊ 0⤋
It depends on your interest rate, loan amount, and term.
Microsoft Excel and some websites have good Loan Amortization calculators for you to figure this out.
2006-09-20 09:16:19 · answer #5 · answered by IT Pro 6 · 0⤊ 0⤋
You must tell us first how long the mortgage is and how long you have had it.
2006-09-20 11:50:14 · answer #6 · answered by Anonymous · 0⤊ 0⤋