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ba_graham · Joined: 14 Apr 2009 Posts: 1 1.29 Dollars($)

Ok say i my mortgage loan is for 59,900 @ 638.00 a month...if i were to make and xtra 300.00 payment to the principal every month would i get this loan paid off quickly?

mtgfixit · Joined: 13 Apr 2009 Posts: 73 28.11 Dollars($)

Yes, you would reduce your princial balance drastrically! For an amortization chart you can visit:
"http://www.lowermymortgageratenow.com/scripts/MortgagePayoff.html"

simply put in your information and add the extra $300 to get your results

[External link deactivated as per forum rules]

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

Yes any additional payment will greatly help. Usually even just 13 payments a year instead of 12 will help pay it off early

jenkin7 · Posted: Thu Apr 16, 2009 2:03 am Post subject:

Hi graham,

It will definitely be helpful. This will help you pay off the debt early and become debt-free in quick time. But keep in mind the prepayment penalty, if there is any on the mortgage.

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Payoff Mortgage early