Posted on: 14th Apr, 2009 05:54 pm
Ok say i my mortgage loan is for 59,900 @ 638.00 a month...if i were to make and xtra 300.00 payment to the principal every month would i get this loan paid off quickly?
Yes, you would reduce your princial balance drastrically! For an amortization chart you can visit:
"http://www.lowermymortgageratenow.com/scripts/MortgagePayoff.html"
simply put in your information and add the extra $300 to get your results
[External link deactivated as per forum rules]
"http://www.lowermymortgageratenow.com/scripts/MortgagePayoff.html"
simply put in your information and add the extra $300 to get your results
[External link deactivated as per forum rules]
Yes any additional payment will greatly help. Usually even just 13 payments a year instead of 12 will help pay it off early
Hi graham,
It will definitely be helpful. This will help you pay off the debt early and become debt-free in quick time. But keep in mind the prepayment penalty, if there is any on the mortgage.
It will definitely be helpful. This will help you pay off the debt early and become debt-free in quick time. But keep in mind the prepayment penalty, if there is any on the mortgage.