Posted on: 24th Jul, 2013 12:23 am
Does anyone know how to pay off the home mortgage early? I know that extra payments can help. But can anyone let me know how much extra payments I should make or give me a formula to calculate that?
Hi Gallie,
Well, I do not know if there is any set formula to know how much you can make to pay off the loan early. However, there are various online calculators available which may help you know the approximate figure. Also, you should note that paying off the mortgage too early may lead to pre-payment penalty.
Thanks,
Jerry
Well, I do not know if there is any set formula to know how much you can make to pay off the loan early. However, there are various online calculators available which may help you know the approximate figure. Also, you should note that paying off the mortgage too early may lead to pre-payment penalty.
Thanks,
Jerry
You should be able to afford early payments after meeting your household expenses. Also, find out whether or not you lender will charge you with a pre-payment penalty for making early mortgage payments.
Hi Gallie!
Welcome to the forums!
You can check out the given page regarding extra payments toward the mortgage: http://www.mortgagefit.com/calculators/extra-payment.html .
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
You can check out the given page regarding extra payments toward the mortgage: http://www.mortgagefit.com/calculators/extra-payment.html .
Feel free to ask if you've further queries.
Sussane
Determine your monthly payments, the expenses that you make every month, the income that you make and then analyse the total amount that you can pay extra towards the mortgage loan. And also check if there are any pre-payment penalties on the loan.