Posted on: 08th Apr, 2008 09:42 am
Hello,
This is my first time on the forum. My wife and I did a 80/15/5 on our new home last June/07. The 2nd mortgage is for $36,000. We have 7 years to pay it off at 7.25. After the 7 years it has a cap of 12%. We would like to pay it off in the next four years. Our payments are $243.54 per month(30 years!). What would it take to pay it off in four or less years? We don't have any other debt. We could pay about 300.00 - 500.00 more per month to pay it off.
Could someone tell me what would be the best way to do this? I would also like to put $3,000.00 down as a one time payment. I think it's better than sitting in a savings account? Also, is there a calculator on line to run these numbers? I'm not sure how the interest works. Now that's pretty sad!
Thanks for any help.
This is my first time on the forum. My wife and I did a 80/15/5 on our new home last June/07. The 2nd mortgage is for $36,000. We have 7 years to pay it off at 7.25. After the 7 years it has a cap of 12%. We would like to pay it off in the next four years. Our payments are $243.54 per month(30 years!). What would it take to pay it off in four or less years? We don't have any other debt. We could pay about 300.00 - 500.00 more per month to pay it off.
Could someone tell me what would be the best way to do this? I would also like to put $3,000.00 down as a one time payment. I think it's better than sitting in a savings account? Also, is there a calculator on line to run these numbers? I'm not sure how the interest works. Now that's pretty sad!
Thanks for any help.
Hi,
I have answered your question at http://www.mortgagefit.com/secondloan/extra-payment.html
please have a look at it.
Feel free to ask if you have any further questions.
Best of luck,
Larry
I have answered your question at http://www.mortgagefit.com/secondloan/extra-payment.html
please have a look at it.
Feel free to ask if you have any further questions.
Best of luck,
Larry