Question about overpaying your mortgage

peabody Posted: Jul 26, 2005 09:59 AM

Question about overpaying your mortgage

I have been overpaying my mortgage by $100 every month.

Does anyone know a formula or how to figure out if I continue to do this how long it will take me to pay off my mortgage?

MCDO15 Posted: Jul 26, 2005 10:09 AM

Re: Question about overpaying your mortgage

this

link

looks good tara

peabody Posted: Jul 26, 2005 10:17 AM

Re: Question about overpaying your mortgage

Posted by MCDO15

this

link

looks good tara

THANK YOU!!!!!!!

I lOVE THIS SITE!!!!!!

MCDO15 Posted: Jul 26, 2005 10:23 AM

Re: Question about overpaying your mortgage

i guess you just found out how much you gonna save... every little bit adds up, and in your case...you be paid off in no time

peabody Posted: Jul 26, 2005 11:23 AM

Re: Question about overpaying your mortgage

If I can start doing $150 more a month I'll have it paid off 7 1/2 years earlier.

I love this site, thanks so much.

patti08 Posted: Jul 26, 2005 11:31 AM

Re: Question about overpaying your mortgage

Great calculator!!!!! Thanks!

Kelly9904 Posted: Jul 26, 2005 02:03 PM

Re: Question about overpaying your mortgage

I have heard that if you make 1 extra payment a year that will take 7 years off your mortgage.

Blu-ize Posted: Jul 26, 2005 02:06 PM

Re: Question about overpaying your mortgage

Also, paying the mortgage bi monthly will knock off 5 years..

MCDO15 Posted: Jul 26, 2005 02:48 PM

Re: Question about overpaying your mortgage

Posted by Kelly9904

I have heard that if you make 1 extra payment a year that will take 7 years off your mortgage.

yes..this is true...this is similar to peabody post about paying 100 a month... 100 x 12 months = 1200 so take some more money and you have 1 extra payment a year.

Blu-ize Posted: Jul 26, 2005 02:52 PM

Re: Question about overpaying your mortgage

I pay bi-weekly and do one extra payment (that hurts)..with this calculator it knocks off a total of 9 years!

MCDO15 Posted: Jul 26, 2005 03:25 PM

Re: Question about overpaying your mortgage

Posted by Blu-ize

I pay bi-weekly and do one extra payment (that hurts)..with this calculator it knocks off a total of 9 years!

violet Posted: Jul 27, 2005 09:42 AM

Re: Question about overpaying your mortgage

I know people do this, but does anyone know what happens if you wanted to pay off a big amount on your principal? I read an article on bankrate.com recently saying that wouldn't be allowed because you made a deal with your bank to pay the same amount every month for 30 years. What happens over time when you've paid off a lot of your principal by contributing more to it each month?

Blu-ize Posted: Jul 27, 2005 11:23 AM

Re: Question about overpaying your mortgage

You have to make sure you don't have any pre-payment penalties.

IrishBride-05 Posted: Jul 27, 2005 12:46 PM

Re: Question about overpaying your mortgage

I always send a chunk of my tax refund every year against my mortgage. I just memo the check 'prinicpal only'. I have re-financed and mortgaged a new home in the last two years and both times it showed favorably in the pay-off amount due. But, some mortgages may have a pre-payment penalty, so check that out.