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When will my house be paid off if I pay extra?

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Latest post Mon, Dec 15 2008 7:04 PM by Adam S. 2 replies. Viewed 600 times.
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  • Sun, Dec 14 2008 11:21 PM                

    • Anonymous

    how can i figgure out when my house will be paid off if i were to base it on the real payment. i should be paying 700 per month but i pay from 850 to 1200 depending on my pay check

  • Mon, Dec 15 2008 11:28 AM                 In reply to

    Not sure you are asking the question you to which you want the answer.  If you only make your normal house payment of $700 per month, the home would be paid off at the end of the term of the mortgage (30 yr, 15 yr, etc.).

    If the real question your asking is when would your home be paid off taking in the effect of your additional principal payments, there are a number of mortgage calculators online where you can plug in the information and determine when the mortgage is satisfied.

  • Mon, Dec 15 2008 7:04 PM                 In reply to

    unknown, here is a link to bloomberg's mortgage calculator, put in your current mortgage terms, and then enter your monthly principal pre-payments.  You can even print out a amorization report.

    http://www.bloomberg.com/invest/calculators/mortgage.html

     

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