I have 9 years left on a 15 year mortgage how can i reduce the years without doubling up on my payments?

Question

Give me a dollar figure as to how much extra per month i wil have to pay to take years off. I can't afford to double up on payments.

Answer 1

Be sure to make a separate check marked as principal. Even $20 a month will shorten the loan.

Don't bother with the twice a mont or every two week half payment schemes. Mortgage companies charge several hundred dollars to set up those kinds of plans which is a waste of money.

Sending in half payments on your own will likely create problems as the checks will be returned or held.

Answer 2

You can pay twice a month. Split your payments in half per month. This will upset your interest quickly......search online for more information. sorry trying w one hand....baby on other....no time for fancy answer. Also by making one extra full payment a year can take some time off at the end.


Got you a link. Good Luck and be patient.

Answer 3

I can't give you specific numbers, but any amount you pay extra per month will take time off. You need to know the amount of the loan interest rate, etc to be able to calculate that. Check with your lender to be sure that any additional amount you pay is applied to the principle. They can tell you the appropriate way to label the check.

Answer 4

You don't have to DOUBLE your payment. You can pay an extra amount whenever you can afford it, and specify that it is to be paid on the principal.
I pay an extra half-payment every month.

Answer 5

I agree with pay extra on the principle.
This will reduce the balance that you owe and the interest that you pay. You will most definitely have to mark on the check "pay towards principle balance" or they won't get it right. Good luck you are thinking in the right direction of becoming debt free.

Answer 6

look at your amortization form...every month's principle from the end of the list you can pay now will shorten your date by another month.