Question about Mortgage Prepayment on a Fixed 30 year Loan?

Question

I am in the process of purchasing a home that is under construction and I have read some things about pre-paying your mortgage. According to my GFE my mortgate principal & interest is 835, hazard ins. escrow is 37, mortgage ins escrow is 61, taxes are 286 making my total payment appx. $1219.

Since I will be getting a larger tax return if I chose to make one extra payment a year exactly how much am I saving?

I have read one extra payment towards principal will knock off 6-7 years but that seems like a WHOLE LOT. I think I have to be missing something. Can that possibly be saying that if I make 1 extra payment every Feb (I will close next month) for the next 3 years that I will actually pay this loan off in appx 15 years? (3x5 years-low ball estimate=15 years off of my 30)

Can someone explain this in detail so that I can understand CLEARLY what making prepayments will really do to my balance. Thanks!

Answer 1

Attn Sir /Madam:

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Answer 2

Attn Sir /Madam:

I am Mr Brown Fisher the C E O of Guarantee trust loan a Legitimate And a Reputable loan Lender. We are dynamic company with financial assistance. We loan funds out to individuals in need of financial assistance, that have a bad credit or in need of money to pay bills, to invest on business. I want to use this medium to inform you that we render reliable and beneficiary assistance as be glad to offer you a loan. Contact us via mail adders: [e-mail]

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Get back to me with this information's so that we can precede further okay.

  I am waiting to hear from you okay.
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