2007-08-09 08:39:56 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You'll need to increase your monthly payments.
I would need to know the amount left in the mortgage, and the interest rate, to give an exact answer.
But using $160,000 @ 6% to pay off in five years would be 60 monthly payments of: $3,093.25 (plus whatever you have to put in for your escrow payment for taxes and insurance if applicable)
You can put in your own specifics at the site below
2007-08-09 08:42:34 · answer #1 · answered by Michael K 5 · 0⤊ 0⤋
I have an easy and simple way to pay money off big.
STEP ONE. take a look at the money gobblers like sky TV, this charges a lot of money and you don't need all the channels so swap to free view and try and swap your gas and electric suppliers to cheaper companies.
STEP TWO. work hard for your money and think you going on a holiday so the more money you earn the better.
STEP THREE. now you have some money instead of going on a nice holiday dump all the money into the mortgage account but make sure you have just enough left for bills and food !
STEP FOUR. well just repeat the process over again until it pays off. it will be hard so Gd luck !
2007-08-09 15:51:30 · answer #2 · answered by A a r o n 3 · 0⤊ 1⤋
Making somewhere around triple payments should do it. You'd save a lot of interest, so your total paid would not be nearly as much as if you let it go the whole 25 years.
2007-08-09 15:58:33 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
you would have to pay approximately an EXTRA $2500 per month towards principle for the next 60 months. Do you have that much extra cash lying around each month after paying all your bills and eating?
2007-08-09 15:43:21 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Not enough information. What is the interest rate?
If it's 7%, you need to make monthly payments of $3170, then it will be gone in 5 years.
2007-08-09 15:46:19 · answer #5 · answered by Anonymous · 0⤊ 0⤋
well lets see, right now your payment is probably around $1,140 with no impounds so making a payment of around $3,326.25 , asuming you are paying a 6.5% rate on it!!! that is not including impounds! go for it!! i think its possible with a bit of sacrifice!
2007-08-09 15:47:39 · answer #6 · answered by ct_runs_it 2 · 0⤊ 0⤋
get a job that pays alot and if you own a home, maybe finance?
2007-08-09 15:43:07 · answer #7 · answered by Anonymous · 0⤊ 1⤋
$2,000 xtra per month
2007-08-09 16:10:58 · answer #8 · answered by ? 4 · 0⤊ 0⤋