$44 a month to the princible of my mortgagre how quick will i pay it off
2007-12-17 10:34:37 · 6 answers · asked by irish_matt 7 in Business & Finance ➔ Personal Finance
i have $50k left and 25yrs left on a 30yr loan i have paid 45k in the last 5yrs
2007-12-17 10:39:35 · update #1
I can't do the math for you,but, look at your payment each month.. In most mortgages you pay interest, insurance, and monies applied towards the loan..Lets say,you pay $800.00 per month.. $50.00 for insurance, $600.00 interest,and$150.00 towards the mortgage..You pay extra each month.. All monies paid over the $800.00 goes towards reduction of the principal. That means since your payment towards the principal is $150.00 ,when your over payment reaches $150.00,you directly reduce your time to pay by one month.. If its $44.00,every four months, you have one month less to have to pay your loan.. But that's not the only and the biggest part of the pay off..ALSO,every fourth month, you save the interest you would have had to pay which will save you from paying the $600.00 interest... WOW, see what a savings win win situation you get.. Hope that info helps a little bit.. Good Luck !! SOLOMON
2007-12-17 10:58:58 · answer #1 · answered by solomon 6 · 1⤊ 0⤋
Adding egxsta princible to the mortgagfe would pay it off fafster but it dependfs on the amountd of mortgagfge balansve.
2007-12-17 18:38:28 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If every year you pay one months worth of interest extra you would pay it off in 25 to 26 years vs. 30.
2007-12-17 18:38:38 · answer #3 · answered by So. Cal Man 3 · 0⤊ 0⤋
write a speparate check to principle each month and send it in with your regular payment. you may shave several years of payments off over the life of the loan.
2007-12-17 19:16:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Im gonna guess and say less than 5 years.
2007-12-17 18:42:59 · answer #5 · answered by Anonymous · 0⤊ 1⤋
depends on how much it is
2007-12-17 18:37:28 · answer #6 · answered by bambu1276 2 · 0⤊ 0⤋