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jdub
What steps do I need 2 take to pay off a 30yr mortgage in 15yr?
Good question! I am including a link for you - it is to a great Mortgage Calculator that lets you play with different scenarios and see how prepayments (adding extra to your payment) can effect you. Another way to easily pay your mortgage off early is to pay the equivalent of one extra payment per year. Doing that on a 30 year mortgage will cut almost 9 years off your loan! While it does make some difference if you pay extra each month or pay it quarterly (with a bonus perhaps) or once a year.....anytime you pay extra you are saving in the long run. Hope this calculator makes it easy for you!
Dats
work harder & pay of more lol
monicanena
See if your bank has a bi-monthly payment plan. You'd make 2 low payments per month. So instead of paying $800 once a month, for example, you'd pay $425 twice per month.
mighty i
pay it twice bi-weekly. double it up! that should do it!
six
After you make your regular payment put as much towards the principal each week as you can. This will lower your interest rate. Remember! Your reg. payment includes principal and interest, so any extra money you put each month lowers the interest rate and more goes to the principal. You are paying back to the bank Aprox. 80% intrist and 20% princi. till the loan gets to the $$ the bank wants from you. So any money you pay-- even 20 to $40.00 extra a month will pay the home off in 15 years. The key to this secreat is to pay extra to the Bank after you have made your Reg. payment.
Mr. Sexi Caramel Delight
maybe take sum courses or file 43 bankruptcy or just sell the house
natedoggy
if you have a 1000 dollar mortgage and you pay an extra two hundred a month ( 50 a week)
that is 2400 per year or almost 2 .5 payments extra.
after 15 years this is an extra 36 k applied to your already reducing mortgage.
simple math but it works.
ty
angela
When I got my 25 year mortgage, the Realtor told me that paying one extra payment per year would knock around 10 years off the mortgage. So take your monthly payment and divide it by 12. Add that much to your monthly payment each month and it will reduce the time it takes to pay back your mortgage. Add more each month and you'll pay it off even faster.
bob shark
you have to read your mortgage contract to see if prepayments are allowed, or if you can increase your monthly payments, or if you can pay weekly instead of monthly.
doing all these things will lower the amount of time you have to pay on a mortgage
My mortgage was for 25 years,
So it set it up to have weekly payments taken out of my bank account...this dropped amortization time from 25 years to 18 years
I could put 15% payment one a year without penalty ...and I did
I could increase my weekly payments by 15% (the change was permanent once a year) I did this too.
Payoff time dropped to 3 1/2 years
Been debt free ever since and it is great.
AM-NM centaur
Get yourself a financial calculator or go to bankrate.com and use their amortization calculator. In general, you will need to add about 10% your to monthly payment.
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