2007-04-23 04:26:30 · 7 answers · asked by atecblt 2 in Business & Finance ➔ Renting & Real Estate
There isn't near enough information here to accurately respond to the question.
I'd suggest that if you have credit card debt or a car loan, you focus your efforts on paying down those balances rather than your mortgage. Your mortgage interest is tax deductible, the other debts are not.
2007-04-23 05:19:16 · answer #1 · answered by godged 7 · 0⤊ 0⤋
In my opinion equity in a home if you bought the home at the right price and the area is such that homes will continue to appreciate, is much better than saving $100 per month which loses it's buying power over time and you have to pay ordinary income taxes on any interest that you gain.
There is also a better way to reduce the amount of time that you will be paying on a note and mortgage without substantially having to pay additional payments every month. The mathematical theory is that if you pay 13 regular monthly payments per year and 12 of those payments are bi-weekly you should be able to reduce the time by about 40% go here and check to see if that's true.
Biweekly mortgage calculator: http://mortgage-x.com/calculators/biweekly.htm
I wish you the best in your homeownership
2007-04-23 05:20:36 · answer #2 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
It depends only on the term: 15 year, 20 year 30 year, etc. If you have a thirty year term, and you include an extra $100. per month or one extra payment a year then you are looking at reducing the term roughly 7 years. So you would have it paid off in 23 years as opposed to thirty. Paying additional into the principal is always a good idea because you are adding to your "net worth" by adding to the equity of the home. Hope this helped!
2007-04-23 04:39:08 · answer #3 · answered by novastarbanker 3 · 1⤊ 0⤋
in case you have a 30 year loan and make one extra fee a year you will pay off your place in 2 a protracted time so in anwser on your question everthing you're making extra desirable on fee being $500 or an entire extra desirable fee each and everything will bypass to the vital. stable for you.
2016-11-26 22:42:32 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Need a whole lot more information than that. I'd have to know the current balance, PI payment, number of months left, and whether you mean a one time additional 100 or every month.
2007-04-23 04:34:33 · answer #5 · answered by open4one 7 · 0⤊ 0⤋
don't we need to know how much your mortgage is and the rate you're paying?
2007-04-23 04:28:56 · answer #6 · answered by applexdapple 2 · 0⤊ 0⤋
get an amortization schedule from your lender
2007-04-23 04:38:54 · answer #7 · answered by just me #1 5 · 0⤊ 0⤋