2007-06-26 00:44:50 · 6 answers · asked by William C 1 in Business & Finance ➔ Personal Finance
Rerun the amortization using the time you would like to have it paid off in
2007-06-26 00:47:42 · answer #1 · answered by John S 3 · 0⤊ 0⤋
In order to retire a thirty year mortgage (at 7%) in that time frame, you would have to add to every payment you make another 65 cents for every dollar of the stated mortgage payment. Hence, if your monthly payment were $1000, as an example, it would require a regular montly payment of $1,650 for the duration in order to retire the mortgage in about ten years.
2007-06-26 07:55:15 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Definately you need an extra income that you can destinate to pay this mortgage.
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2007-06-26 09:08:54 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Make as large payment as you can afford each month, especially in the early years when most of the payment is going toward interest.
2007-06-26 07:54:03 · answer #4 · answered by fcas80 7 · 0⤊ 0⤋
give at least $100 towards the principal every month and give at least a extra pmt a year
2007-06-26 08:12:20 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Don't pay it off
Take your extra money and invest it, smarter
2007-06-26 07:54:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋