I have a question regarding my mortgage! About 5 years ago or so, we refinanced our home at a good rate. I try to pay a little extra principle when I can. Any way, how do you figure out how much longer it will take you to pay off your home? Each month, it is broken down what was paid towards principal, escrow, etc. So, then you are left with a balance. Would I divide the entire balance by a monthly payment or what? And how accurate would it be, based on the fact that a little more is applied to principal each month? Please help me figure this out! I just want to get an idea of how many more years we actually have until our home is paid off and officially belongs to us! Thank you for your help!
2006-12-27 21:33:56 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
This calculator shows you your loan schedule if you make additional payments to principal like you have been doing. Check the box next to "Show Schedule Table" before you click "calculate".
2006-12-28 02:17:47 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Call the bank or mortgage company and ask for a new ammortization chart based on the amt you now owe. If you pay 1 full payment a year for appx 7 yrs you can cut your 30 yr mortgage down to 22 yrs.
2006-12-28 05:37:02 · answer #2 · answered by uknowme 6 · 0⤊ 1⤋
use google to find one of the thousands of mortgage calculators on the net
2006-12-28 05:42:06 · answer #3 · answered by Ivanhoe Fats 6 · 0⤊ 1⤋
yes
2006-12-28 05:37:19 · answer #4 · answered by !!!$weet!!! 3 · 0⤊ 2⤋