MadMaxx
 |
Actually less than half since your entire second payment goes toward the princial of the loan. |
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cat50003
|
it should be less than half the time because of the intrest savings.
It is a good idea if you can afford to do it. |
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mario c
|
it would be payed off in less then half the time and will look good on your credit history |
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mschaka77
 |
you will be done in less than half of the time |
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The Wraith of God is coming
|
You must state that the additional amount is to be applied to Principal or the SOB's will take it as an interest payment. |
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captianpr
|
Actually even faster, but when making extra payment make a note with the extra payment that it should go towards the principle. This way you'll pay the loan off faster, if you do not inform them that you want the extra payment to go towards the principle then it will go towards the interest and that won't help you. |
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Viv
 |
it will take less then half the time |
|
ĵōē¥ → đ
 |
It will cut out more than half the time because you won't have to pay as much interest |
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3eleven
|
It will be pain off in less than half.... |
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p_l_gray
|
Go to
http://realestate.yahoo.com/calculators/amortization.html
and type in the numbers. It will do the amortization tables for you. |
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ht_butterfly27
|
Yes, it will be paid off in 1/2 the time or less because of interest.
Look into if the extra payment for each month goes to principal only or if you have to specify that in writing. Because paying on principal only reduces your orginial debt amount, thereby reducing the interest charged on that amount. You don't want to be chasing your tail by making 2 payments on mostly interest. |
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gunfan69
|
Actually paid off a little sooner. Most of a loan payment for the first few years go to cover the interest. When you doule pay you cover the interest and reduce the amount of the principal that you will have to pay interest on. So it takes less time to pay off the loan |
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dukalink6000
|
If you are able to do so. Do check to see if there is a premature payment penalty |
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foxy
|
from personal experience if you pay extra on your payments then YES you will pay off in less time, and essentially if you pay double the minimum payment then Yes youll pay it off in aproximatly half the time. |
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andie0910
 |
Probably less than that since you will be paying off principle instead of interest with the second payment, leaving less of a balance to accrue interest. Be careful though, some loans carry a prepayment penalty that makes you pay more if you pay it off early. |
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Heinz M
|
Oddly enough you can even reduce your total by paying half the amount, but twice monthly (or twice per payment period).
Any payment you send in they will first take out the interest, and ALL of the remainder will go against principal (previous answer is totally wrong).
If you have MS Excel, you can make it print out complete amortization schedules for the whole run of your loan. |
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BigPappa
 |
Ussually sooner. The first payment pays mostly interest. The second paymet will be all principal. |
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