2007-06-05 14:53:29 · 4 answers · asked by Francaise 2 in Business & Finance ➔ Personal Finance
Assuming the $1655 goes just to principal and interest, the original mortgage would be $196123. Your total amount paid would be $297,899.27
If the extra payment is made at each mid-year, then your final payment would be #159 (13yr 3mo). Your final payment would be $1522.24. Total paid $284,534.85, hence amount saved would be $13,364.22.
If the extra payment is made at the end of each year, then the final payment would be #160 and $848.87. Savings would be $12,386.16.
2007-06-05 15:39:02 · answer #1 · answered by veritas 5 · 0⤊ 0⤋
For every 400 dollar you will save about 3 to 4 month off of the mortgage terms you have to pay.
2007-06-05 22:52:39 · answer #2 · answered by THDK 2 · 0⤊ 1⤋
It depends. If you paid an extra $140/mo you should have it paid off in about 13 years. It would be different if, lets say, you made a lump sum payment with your income tax refund. Because the sooner you pay more, the faster it will help you pay off your loan. You can find calculators that can help you with this on bankrate.com
2007-06-05 22:34:57 · answer #3 · answered by powderpuf20 1 · 0⤊ 1⤋
search yahoo for Karl's mortgage calculator.
It is a jem to use and will break it down for you to the month and day!
2007-06-05 23:35:44 · answer #4 · answered by hvholli 2 · 0⤊ 0⤋