Posted on: 18th Jun, 2010 07:18 am
I have 9 yrs 6 months left on my mortgage. If I made 1 extra payment year will that shorten the life of my loan and by how much?
Hi rmh,
As you've made extra payments every year, it will definitely reduce your loan balance to some extent and will help you in paying off the mortgage sooner. Depending upon the mortgage payments, the life term of your loan will get reduced.
Thanks
As you've made extra payments every year, it will definitely reduce your loan balance to some extent and will help you in paying off the mortgage sooner. Depending upon the mortgage payments, the life term of your loan will get reduced.
Thanks