Posted on: 03rd Sep, 2008 11:30 am
I took out a 15 year fix about 6 years ago. (150,000 @ 5.3%). Current balance is 90,700.
Currently I am paying 1750 ( 743 to principal, 411 to interest, 596 taxes)
In addition to this I pay 450.00 per month extra to principal.
When will this note be paid off?
Currently I am paying 1750 ( 743 to principal, 411 to interest, 596 taxes)
In addition to this I pay 450.00 per month extra to principal.
When will this note be paid off?
I think you would have around 5 to 5.5 years left if you keep sending in additional $450 a month, according to the mortgage repayment calculator on bankrate.com web site. Seems like it should be shorter than this, but that is what the calculator says when I input your beginning loan amount, loan term and interest rate, as well as the additional princ payment each month.
Hi cough and kathybailey,
Welcome to our forums.
To cough: You can use the Mortgage Payoff Calculator to find out how soon you can pay off the loan by making extra payments.
To Kaithy: It's good to have you amongst us. Hope you'll enjoy participating here. Feel free to tell us more about you at http://www.mortgagefit.com/introduce-yourself-8.html .
Good luck
Welcome to our forums.
To cough: You can use the Mortgage Payoff Calculator to find out how soon you can pay off the loan by making extra payments.
To Kaithy: It's good to have you amongst us. Hope you'll enjoy participating here. Feel free to tell us more about you at http://www.mortgagefit.com/introduce-yourself-8.html .
Good luck
My princepole left is 144,00000. rate 5%.Monthly payment is 2,100.00
Welcome Tina,
You can take help of the given calculator in order to find out how many years you'll require to pay off the loan:
http://www.mortgagefit.com/calculators/pay.html
You can take help of the given calculator in order to find out how many years you'll require to pay off the loan:
http://www.mortgagefit.com/calculators/pay.html
A $90,700 mortgage at 5.3% and you voluntarily paying $1,604 a month in principal and interest would pay off in 66 months.
It is difficult to be exact because the numbers you provided are not exact, or, at least a little confusing.
If you started at $150,000 mortgage balance for 15 years at 5.3%, the monthly required principal and interest payment would be $1,209.76. Yet, you indicate your monthly P&I is 743 plus 411 which is $1,154.
That $1,154 is LESS than your required payment.
That is not possible.
That makes your numbers incorrect someplace and makes any calculation we do as to pay off suspect.
It is difficult to be exact because the numbers you provided are not exact, or, at least a little confusing.
If you started at $150,000 mortgage balance for 15 years at 5.3%, the monthly required principal and interest payment would be $1,209.76. Yet, you indicate your monthly P&I is 743 plus 411 which is $1,154.
That $1,154 is LESS than your required payment.
That is not possible.
That makes your numbers incorrect someplace and makes any calculation we do as to pay off suspect.
