My mortgage debt is now 230 k with interest 5.3, I pay eveverymonth 1,433.53 , and 275.33 extra, when I fini?

Question

Mortgage payment mentioned not including escrow, and I PAY 275.33 more everymonth, I want to know how long I pay off moortgage

Answer 1

Go to this website and download the template Loan calculator with extra payments.


http://office.microsoft.com/en-us/templates/results.aspx?qu=extra+payment&av=TPL000

Answer 2

When you signed the paperwork, it should have been noted on the length of your mortgage. Normally 25, 30 years. However, there is a new software out there that is helping individuals pay off their mortgage within 10 years and paying off their credit card quicker. The software is 3000, but the opportunity is also there to make extra money. The basis of this program is that there is some period prior to the interest calculating that if you pay your bill a day or two before the interest calculates, you save a considerable amount of money therefore cutting your payoff period considerably. Selling this program is a great opportunity but also finding others that want to make money is a great opportunity to make extra money. My husband is signing up tomorrow. As an FYI, the 3000 software is primarily purchased through a line of credit and the entire programs money savings rests on paying every bill from this line of credit and not your checking account. so this is something you may want to look into. Good Luck!

Answer 3

Some experts say it is better to invest that extra money rather then pay down your mortgage since the interest earned on your investment most times will be much greater than what you would have by paying off your mortgage early.

Your best bet would be to talk to a financial advisor and find out what is best for your situation.

Answer 4

I think with interest it would be about thirteen years (13 Yrs).

Answer 5

Contact your mortgage company and ask them.