On a 15 year mortgage with 14 years and 4 months remaining, how many exra payments to pay it off under 10yrs?

Question

The loan principal is currently 138,812. My math is terrible at these sorts of things. I'd like to have the loan paid off in 10 years, so 9 years and 4 months from now. How much extra principal will I have to put on this every month in order to accomplish this goal. If anyone could break it down that woudl be awesome. If you're a god with the calculator and could break it down in terms of 7 and 5 years, I'd be indebted to you for ten points :) Thanks team!

Interest rate is 5.5% if that make any sort of difference.

Answer 1

To simplify things, just make an extra payment each year, preferably at the beginning of the year.  The loan term will be greatly reduced and you will save thousands of dollars.  Good luck.

Answer 2

Hi, I'd love to do this for you when I come back from work this evening.  But really, your lending company should be able to do the actual computations for you easily.  There could be some specific detailed items to consider in the computation.  Besides they may even give you a discount on the interest rate, should you decide to shorten your payment period.

Answer 3

Just request an amortization from your mortgage co. It will give you a break down between interest/principal. On the first 7.5 years, you pay about 70% in interest.