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Making additional payments

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Bernard Williams Guest	Posted: Mon Feb 08, 2010 4:42 pm    Post subject: Making additional payments Like 0 Dislike 0 What is the effect on the mortgage if additional lump sum payments are made? years change or payment changes
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Mon Feb 08, 2010 9:41 pm    Post subject: Like 0 Dislike 0 your payments won't change unless you have a variable rate loan, bernard. the effect of making prepayments is that you'll shorten the duration of your loan, thereby paying substantially less interest than you would ordinarily pay if you simply made the payments called for under the promissory note. there are calculators on this site (on the right margin of the pages) that will help you determine how much you are saving by making curtailments of the principal balance. i can't comment about them, never having used them, myself, but they should give you some guidance. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044

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