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regina f | Can you lower your 30yr mtg to 10yr without raiseing payment? |
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 |
 
rtfm
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No, of course not. You'll still owe the same amount of money, but you want to divide the payments up into only 1/3 of the time. That's going to cost you more per month, even if you do manage to get a much better interest rate. |
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SmartA$$
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In order to do that, you must either have a horribly high interest rate on your current 30 year loan, so that reducing your interest rate would result in paying the loan off in 1/3 of the time,
OR
you have to be at a point in your 30 year loan where you are about 10 years from paying it off anyway.
You can however pay your loan off early by paying just a bit extra per month. The math varies based on your interest rate and loan balance, but on average, you can pay off a 30 year loan in 15 years by paying $300-$400 extra per month. |
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loanmasterone
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The quick answer to your question is no.
Why would you want to change your amortization schedule from 30 years to 10 years?
If you change your amortization schedule to a 10 year amortization then you will be required to pay that minimum amount each month which will be higher than the 30 year minimum payment. I think much higher.
You now have the luxury of a 30 year amortization. This means that your payments are the minimum that you can pay.
You may always pay an additional amount each time you so desire. Simply tell your mortgage company that you want to add the additional amount over the minimum to your principal.
Doing it this way will reduce your mortgage and the number of years you are required to pay. Doing this on a regular schedule will reduce the number of year which you might measure and will know how many years you have based on the amount you have been paying in addition to your regular minimum monthly payment.
If the time come where you can not afford to add an additional amount you may still send in the minimum amount.
Say you want to add an additional payment every 3 months, there is a certain number of year that will automatically drop.
There is another way without adding additional payments. Simply divide your monthly payments into 2 equal payments. Send one in 15 days prior to the monthly mortgage payment date and send the other payment in prior to the monthly mortgage due date.
You may do this for as long as you have the mortgage.
To excelerate the reduction add an additional amount of money to your second monthly mortgage payment.
You will also save on the refinance cost and fees.
I hope this has been of some use to you, good luck.
"FIGHT ON" |
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golferwhoworks
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it all depends on time left owing and your current rate of interest. In most cases no but there is a program available that will show you how to take your income and use a HELOC to pay off in about 10 years but you must do what the program states to do and when. But you are using he HELOC as a bank account and never close it till you pay off the mortgage in full. |
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godsdarkwarrior2000
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You can't be quite that drastic, but there is one way to reduce your time on the mortgage while still paying the same amount.
Take your normal payment, and divide it by 2. Send that amount in twice a month. The first payment should be 15 days before the due date for that month, and the second should be sent in by the due date.
by doing this, you are lowering the interest you have to pay a little each month. The money saved on the interest will come off the principle amount of the mortgage. This will knock years off your mortgage by the end of a 30 year mortgage, but not 20 of them.
There are other ways of lowering your time of paying a mortgage, but they all involve paying extra money. |
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glenn
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There are hundreds of calculators on the web. google mortgage amortization. Click on one and answer the question as it applies to you.
The exact calculation depends on what is your current interest rate and what will be your new rate.
The best answer is, probably not.
If you have a pretty good rate on that 30 year note your payment will go up a big chunk to pay it off in 10 years.
There is a scam that sells you on this idea using your cash flow in your savings and checking to make this happen. When it does not work they will say it is your fault. It really does not work. |
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reenzz
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No...your condensing 30 years of payments into 10, so naturally the principal amount will be much higher. You will pay much less in interest...but the total mortgage payment will be higher. |
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Steve D
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Depends on how old your 30 year mortgage is and what the comparative interest rates are. IN most cases, however, the answer will be no. In order to pay off the balance in 1/3 the time, the principal payments will almost certainly increase (unless you have less than 10 years of payments left or thereabouts). |
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DennistheMenace
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nope....2+2 dont equal 5................ |
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