Paying extra principal toward mortgage

Posted on: 10th Sep, 2006 02:45 pm

I can\'t seem to figure this out on the calculators..If the balance owed is 88,000 and the there is 12 yrs left on a 5% fixed loan...how long what it take to py it off if I put an extra 200 on principal ea. mo, an extra 300 or an extra 400 towards principal..current pymt is 998.00/mo. thank u

Total Reply : 3

Hi Guest,

You can use the Time period calculator to calculate the number of years in which you can pay off the loan.

Thanks,

Sara

sara

Posted on: 10th Sep, 2006 09:39 pm

Hi,

You can use the "Time Period Calculator" to find out the total loan term period by putting an extra monthly payment.

Over here, first you can calculate the total period by entering the value
Principal : 88000
Interest : 5%
Monthly Payment : 1198 (i.e 998 + 200)

Similarly, you can calculate for other two options by entering the monthly payment value of 1298 (998 + 300) and 1398 (998 + 400) respectively keeping the principal and interest rate same.

Thanks

helping_user

Posted on: 10th Sep, 2006 09:53 pm

Hi,

We are planning to make provisions in the Time Period Calculator, so that one can enter the extra payment towards the principal. Then it will be easier to calculate the time period with extra payments.

Keep yourself updated with the latest in our Calculator section.

Thanks,

Caron.

Caron

Posted on: 11th Sep, 2006 12:23 am

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Paying extra principal toward mortgage