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How many years are reduced off a 30 yr mortgage if two extra payments are made every year?
Wiki User
∙ 13y ago
believe it or not a significant amount can be saved in total when extra payments are made. remember you are paying taxes and intrest on the total amount. so if the total amount owed is even a few dollars shorter you could save thousands over the term of thirty years. i am not able to give you an exact amount because you did not post the actuall cost of your house or the amount of monthly payment or you insterest rates, but you can definetly save alot of money in the long run even with a few dollars extra each month paid twords your moragage. best of luck to you. prayer is power.
Wiki User
∙ 13y ago
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Does making extra principal payments to your mortgage have any affect on your credit rating?
Yes, it will shorten the time in which the mortgage is on your credit report.
Where can one find a mortgage calculator that allows extra payments to be made?
Your money page dot com is one of many places you can find a mortgage calculator online to calculate extra payments. Another place to check is mortgage calculator dot info. There are many choices online to pick from.
How much does an extra payment a year knock off a 30 year mortgage?
If I send in an extra payment a year or 2 extra payments a year how much time would that knock off my 30 year mortgage?
How can I pay off mortgage fast?
You can pay off your mortgage fast by making large extra payments or paying a large extra amount with your mortgage payment. For example, a $150,000 mortgage at 5% for 30 years, paying $300 extra per month reduces the number of monthly payments by 159, or 13.25 years, and reduces the interest and total paid by $68,321.30. If you want it paid off sooner, paying $600 extra per month reduces the number of monthly payments by 218, or 18.17 years, and reduces the interest and total paid by $91,039.96.
What methods are there to shorten the length of mortgage payments?
Paying extra money to the mortgage at each payment will shorten the length. Consulting the mortgage lender for more information is important, as some apply penalties if too much extra money is paid.
What would I need a mortgage amortization calculator for?
The mortgage amortization calculator is for working out your monthly mortgage payments. It will also calculate into the equation when and if you make extra monthly payments on your mortgage.
What does a mortgage amortization calculator do?
The mortgage amortization calculator is for working out your monthly mortgage payments. It will also calculate into the equation when and if you make extra monthly payments on your mortgage. So it will help you keep track of your mortgage and let you know how things stand.
If you are adding extra to your monthly mortgage payments to put in your escrow will your payments go down after one year?
no not neccesarily
Does making extra principal payments to your mortgage have any affect on your credit rating?
Yes, it will shorten the time in which the mortgage is on your credit report.
Where can one find a mortgage calculator that allows extra payments to be made?
Your money page dot com is one of many places you can find a mortgage calculator online to calculate extra payments. Another place to check is mortgage calculator dot info. There are many choices online to pick from.
How much does an extra payment a year knock off a 30 year mortgage?
If I send in an extra payment a year or 2 extra payments a year how much time would that knock off my 30 year mortgage?
How can I pay off mortgage fast?
You can pay off your mortgage fast by making large extra payments or paying a large extra amount with your mortgage payment. For example, a $150,000 mortgage at 5% for 30 years, paying $300 extra per month reduces the number of monthly payments by 159, or 13.25 years, and reduces the interest and total paid by $68,321.30. If you want it paid off sooner, paying $600 extra per month reduces the number of monthly payments by 218, or 18.17 years, and reduces the interest and total paid by $91,039.96.
What methods are there to shorten the length of mortgage payments?
Paying extra money to the mortgage at each payment will shorten the length. Consulting the mortgage lender for more information is important, as some apply penalties if too much extra money is paid.
How much does paying two extra mortgage payments per year decrease your loan life?
5
Will your mortgage company work with you on payments if your spouse dies?
no,they will give you extra time to pay it but not alot of time
How can one make payments for their HSBC mortgage?
You can make payments to HSBC for your mortgage very easily by visiting their official website. You can pay there with no extra charge. You can also make your payments over the phone or through the mail, although these methods may have additional surcharges.
Easy Strategies For Paying Off Your Mortgage Early?
Paying off your mortgage early can lead to big savings. By making extra payments on the principle, you avoid paying future interest. Here are three easy strategies to pay off your mortgage early without hurting your bottom line: 1) Check with your mortgage company to see if they offer a bi-weekly payment plan. There is usually a small fee, but this option ensures you make one extra payment each year. 2) If you get paid every two weeks and want to avoid fees, consider using those two extra paychecks each year to pay one or two extra mortgage payments. 3) If you can't make full extra payments, consider just rounding your payment up to the nearest $100 each month.
