2007-01-07 22:54:09 · 4 answers · asked by Hootcoot 2 in Business & Finance ➔ Renting & Real Estate
Since you asked a relatively easy question I will make it a bit harder so I can answer it. I added a $100.00 per month extra payment and a $150.00 per month extra payment. The extra payments you make must be seperate from your regular P & I payment and marked "towards principal reduction only"
In my added levels you actually pay less than current because your going to allow uncle sam to make the extra payment for you.
P & I + $50.00 Month
Term Remaining 159 Months
Interest Saved $4,408
P & I + $100.00 Month
Term Remaining 142 Months
Interest Saved $7,751
P & I + $150.00 Month
Term Remaining 128 Months
Interest Saved $10,378
Add 1 more deduction to your withholding and every payday you will have a larger check from which you can make the extra payment. You will still have a tax refund at years end but wont be giving the feds as large of an interest free loan. Let some of their over greedy tax witholding pay your loan down instead. Ask your tax preparer and they will confirm this. By the way, since tax time is getting close. Many do not know this but a person can fail every tax related question on a CPA exam yet still pass the test. Thats why I point out, ask your tax preparer.
2007-01-08 06:09:10 · answer #1 · answered by Kevin H 4 · 1⤊ 0⤋
Run an amortization schedule off on your computer at any good mortgage site. Google it. This is too hard for the average bear to do in his head...Good Luck!
2007-01-07 22:57:51 · answer #2 · answered by Barbara 5 · 0⤊ 1⤋
Input different payments to calculate time left on loan, http://www.choicefinance.net/calculators/mortgage-length-calculator.php
2007-01-08 03:28:14 · answer #3 · answered by Anonymous · 1⤊ 0⤋
http://www.mcapmortgage.com/tools/calcul
2007-01-07 23:58:51 · answer #4 · answered by CEESONE 4 · 1⤊ 0⤋