How long do i left on my mortgage ?

Author Message
Cough

Guest







Post Posted: Wed Sep 03, 2008 11:30 am    Post subject: How long do i left on my mortgage ?
Like
Dislike

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?

_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile kathybailey





Joined: 03 Sep 2008

Posts: 2

1.97 Dollars($)
Post Posted: Wed Sep 03, 2008 2:45 pm    Post subject:
Like
Dislike

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.
_________________
K. Bailey
Home Mortgage Consultant
MidAmerican Home Services Mortgage,
an affiliate of Wells Fargo Home Mortgage

This is my opinion based on my experiences as a mortgage consultant and is NOT intended to be legal advice or to take the place of legal advice.
Icon Mini Profile Caron
Caron
Moderator



Joined: 19 Jul 2005

Posts: 1516
Location: florida
279.74 Dollars($)
Post Posted: Thu Sep 04, 2008 6:28 am    Post subject:
Like
Dislike

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

_________________
Mortgage Shopping made easy with booklet
tina

Guest







Post Posted: Sun Mar 06, 2011 6:50 am    Post subject: how many years do I have on my morgage
Like
Dislike

My princepole left is 144,00000. rate 5%.Monthly payment is 2,100.00
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005

Posts: 12179
Location: ALASKA
1313.94 Dollars($)
Post Posted: Sun Mar 06, 2011 11:15 pm    Post subject:
Like
Dislike

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

_________________
Procrastination is the enemy of your financial success
Icon Mini Profile jveenstra
jveenstra
Community Expert
Community Expert

best lender badge

Joined: 10 Nov 2008

Posts: 1478
Location: River Edge, NJ 07661
31.04 Dollars($)
Post Posted: Mon Mar 07, 2011 11:19 am    Post subject: Pay Off
Like
Dislike

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.

_________________
John Veenstra, Mortgage Banker
Approved Funding Corp.
41 Grand Avenue
River Edge, NJ 07661
W: 201-833-0123
NMLS ID 178140
Ask question
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message Body
All times are GMT - 7 Hours
Page 1 of 1

 
Delete this topic Move this topic Lock this topic Split this topic 

Page loaded in 0.280 seconds.