Paying more towards principle on mortage each month.

Question

we just refinanced and i want to know if my mortgage is 2000.00 a month for 30years, and i pay an additional 600.00 per month towards the principle every month, how soon can i pay my mortage off. there has to be someone that knows the answer, thanks for your help

Answer 1

Just call your mortgage co and request an amortization that will give you a break down between interest/principle.

Answer 2

Approx. nine years earlier than the life of the loan!

Answer 3

that extra 600 dollars is 30 percent extra to your principal so you will be paid off 42 percent faster adjusting for the amortization schedule you will be paid off in 18 years instead of 30...

if you can afford it this is a very smart thing to do for your future

Answer 4

Yes, your bank or financial institution that gave you the loan should have a calculation of that.  Kudos to you for getting out of debt as quickly as possible.  It just makes sense!

Answer 5

http://ostermiller.org/calc/mortgage.htm...

This link can help you - and anyone else who's asking hte same question.  You'll be so happy when that loan amount shrinks so fast!

Enter your loan info into the websites blanks.  When you "check" the box for paying extra payments, new boxes will appear for you to factor in the extra payments.

Answer 6

My math skills suck but I'm sure someone will come along with a link to one of those wonderful calculators.

My guess would be that $600 more on the principal every month would cut at least 10 years off your mortgage.