my house payment a month is $745.00...if i pay an extra $1000.00 towards the principal each month how long?

Question

will it take me to pay off the mortgage

the mortgage is 54000.00

also it is a 7%

also it is a 7%

Answer 1

Does the $745 include taxes and insurance?

Anyhow - at an extra grand a month, you'll be done REAL QUICK!! Probably under three and a half years!

Way to go! Dave Ramsey would have you shouting "Freedom!" at the top of your lungs.. Way to go.

Answer 2

Principal borrowed: $54000.00
Annual Payments: 12 Total Payments: 35
Annual interest rate: 7.00% Periodic interest rate: 0.5833%
Regular Payment amount: $1745.00 Final Balloon Payment: $397.81

The following results are estimates which do not account for values being rounded to the nearest cent. See the amortization schedule for more accurate values.
Total Repaid: $59727.81
Total Interest Paid: $5727.81
Interest as percentage of Principal: 10.607%

*****The three stars by the principle and interest are because I had abbreviated cumulative, and yahoo though that it was a dirty word.*********
--------------------------------------------------------------------------------
Principal Interest *** Prin *** Int Prin Bal
1 1430.00 315.00 1430.00 315.00 52570.00
2 1438.34 306.66 2868.34 621.66 51131.66
3 1446.73 298.27 4315.07 919.93 49684.93
4 1455.17 289.83 5770.24 1209.76 48229.76
5 1463.66 281.34 7233.90 1491.10 46766.10
6 1472.20 272.80 8706.10 1763.90 45293.90
7 1480.79 264.21 10186.89 2028.11 43813.11
8 1489.42 255.58 11676.31 2283.69 42323.69
9 1498.11 246.89 13174.42 2530.58 40825.58
10 1506.85 238.15 14681.27 2768.73 39318.73
11 1515.64 229.36 16196.91 2998.09 37803.09
12 1524.48 220.52 17721.39 3218.61 36278.61

--------------------------------------------------------------------------------

13 1533.37 211.63 19254.76 3430.24 34745.24
14 1542.32 202.68 20797.08 3632.92 33202.92
15 1551.32 193.68 22348.40 3826.60 31651.60
16 1560.37 184.63 23908.77 4011.23 30091.23
17 1569.47 175.53 25478.24 4186.76 28521.76
18 1578.62 166.38 27056.86 4353.14 26943.14
19 1587.83 157.17 28644.69 4510.31 25355.31
20 1597.09 147.91 30241.78 4658.22 23758.22
21 1606.41 138.59 31848.19 4796.81 22151.81
22 1615.78 129.22 33463.97 4926.03 20536.03
23 1625.21 119.79 35089.18 5045.82 18910.82
24 1634.69 110.31 36723.87 5156.13 17276.13

--------------------------------------------------------------------------------

25 1644.22 100.78 38368.09 5256.91 15631.91
26 1653.81 91.19 40021.90 5348.10 13978.10
27 1663.46 81.54 41685.36 5429.64 12314.64
28 1673.16 71.84 43358.52 5501.48 10641.48
29 1682.92 62.08 45041.44 5563.56 8958.56
30 1692.74 52.26 46734.18 5615.82 7265.82
31 1702.62 42.38 48436.80 5658.20 5563.20
32 1712.55 32.45 50149.35 5690.65 3850.65
33 1722.54 22.46 51871.89 5713.11 2128.11
34 1732.59 12.41 53604.48 5725.52 395.52
35 *395.52 2.31 54000.00 5727.83 0.00
*The final payment has been adjusted to account for payments having been rounded to the nearest cent.



Total payments would be 35 - 2 years and 11 months

Answer 3

It really depends on your interest rate. See if you can find an amortization program online (www.dogpile.com) and put your variables in for the actual amounts. You can pay off even faster by (a) paying biweekly instead of monthly; and (b) noting "for principle only" on your payment over and above your regular mortgage payment.

Answer 4

Without knowing what you mortgage is, I can't say. BUT an extra payment like this every month and you'd go through that mortgage like a chain saw through butter,

Answer 5

If you still have $54,000 left, it will take a little less than 8 years to pay it off with $745 a month.
By paying $1,745 a month you'll pay it off in just a little less than 3 years and save over $10,000 in interest.
This is not exactly, but close.

Answer 6

3-4 years is my best guess. i recommend asking who owns your loan to do so. you are paying them so they will do it free of charge. not all yahooers are financially literate.