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Oct | How do I reduce the number of years on my mortgage? |
I owe $126,000 and am approximately five years into a 30-year fixed mortgage. My payment is $1150 a month (most of it interest of course).
I would like to reduce the number of years that I have to pay for this home to 10 remaining. I know that there is a way to make extra payments that apply to principal rather than interest but I don't fully understand the process. How much extra would I need to pay to meet my goal and what is the process for doing so? Send a check marked "for principal only" two weeks after sending the normal mortgage payment? Will my normal payment be reduced as I pay down the principal? |
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Paul in San Diego
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Here's the way it works:
Your current payment is based on how much interest you owe on the principal each month, less some amount that goes to principal to pay it down. Your next month's payment then has a little bit less going to interest, because the principal was reduce slightly the previous month. So, a bit more goes to the principal, paying it down a bit. The amount of the monthly payment is the exact amount you have to pay such that, after the 30-year period, your final payment will be equal to the remaining principal and the loan is paid off.
When you put extra money into the principal (say, pay $1350 instead of $1150), that reduces the principal by an additional $200 from what it would have been had you just made the regular payment. So, the next month, that reduction in principal means that you pay less of the $1150 in interest and even more goes to the principal.
Using a mortgage calculator (assuming you just started the 30-year term and an interest rate of 6.5%), I determined that you would have to make an additional payment to the principal of $700 a month to have that loan paid off in 10 years.
Now, let's say you come into a lump of cash (say $50,000) and you put it toward the principal on your loan that first month. Your payments will stay the same. But, since the principal is reduced by that $50,000, a lot more goes to principal each month and the loan is paid off in about 12 years
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Kelle
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Talk to your mortgage holder. Every bank/lender contract is different.They have software to work out whatever payment plan/time you are considering. |
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James B
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find a mortgage calculator...they're are all over the web.
You'll have a to pay a little more every month, but it will reduce the number of years on your mortgage. |
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Christy
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We are on a Preferred Payment Plan
Enable you to pay off your mortgage earlier than originally scheduled
Can conveniently pay off principal faster than you would with a monthly payment schedule. May reduce the total interest paid over the life of your mortgage loan, typically by thousands of dollars. Simplifies budgeting by paying your mortgage automatically. Conveniently enables you to split payments among four different accounts
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Ydnas
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Make one extra payment a year. |
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luludoodie
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You have to ask your mortgage provider. They will have rules as to how you can do this (if they allow it!).
They may penalise you (as they will make less money if you repay early) so don't start sending them cheques until you know exactly what/how you can do - if anything! |
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Ed Atun
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Your payment will more than double. It is more like a car loan.. |
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Steve D
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In addition to paying extra on the principal (you can just add it to your payment) and assuming you have equity in your house, you might want to look into refinancing into a 10 year mortgage - many times shorter loans have lower rates. This would save additional interest. If you can't find a lower rate shorter mortgage, just pay extra (as others have said, just look for a mortgage payment calculator and play around with teh numbers until you get a payment that does what you want) |
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Sahara
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You will need to play around with numbers and an amortization schedule. |
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