extra mortgage payments

dian57June 5, 2011

I'm hoping someone here has the answer to my question.

I have a fixed rate 15 year mortgage in progress. I'm trying to figure out how much extra principal I need to send in order to pay it off in a shorter period of time.

All the mortgage calculators I've found start from the beginning of the loan.

I need one that takes all the original data and gives me an option to plug in extra payments starting now.

Anyone have an idea?

Thanks, Dianne

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feedingfrenzy

It's simpler than you think.

Just use a regular mortgage calculator, plug in the amount remaining on your morrgage, today's date, and your interest rate. For the term of the mortgage, just use the number of months remaining until the day you would like to have it paid off. Then calculate the payment, subtrate from that your current payment, and the result will be the extra amount you need to add to each payment.

    Bookmark   June 5, 2011 at 7:37PM
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vala55

I paid our 30 year loan off in 15 years by paying what ever extra I could get my hands on. I didn't have a goal or a set amount to pay, I just applied tax refunds, extra money from an insurance claim, garage sale money, etc..

    Bookmark   June 8, 2011 at 8:59PM
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colorcrazy

I did the same as Vala, but it took me a little longer, almost 18 years, because I didn't get serious until 14 years into the mortgage. (Dumb me!) I just paid whatever extra I could afford and was amazed at how fast the balance dropped. Seeing the amount owed was great motivation. We reduced our spending so that we could pay more on the mortgage.

Good luck!

    Bookmark   June 18, 2011 at 11:43PM
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