How much extra should I pay on my mortgage a month or year to get pay it down quicker?

"http://mortgage-x.com/calculators/extra_payment_calculator.asp"

[External link deactivated as per forum rules]

any amount you pay in addition to your regular monthly payments is beneficial. of course, the more the better. if you can $100 monthly, that's wonderful; if more, that's even more wonderful.

try and be consistent with this, as you'll get the most benefit from consistency.

you need to pay more than agreed monthly installments. it will reduce your opening principal mortgage amount for future months & hence you need to pay less interest in furure. this way you will close your mortgage payment before 30 yrs

amen

Your question is: How much extra should you pay?

We can not answer that question unless we know:
1. The balance that your mortgage started at
2. The interest rate of your mortgage.
3. If you tell us how much extra you will pay, we can tell you how fast that will pay off, or

4. If you tell us in how many years you want to pay off, we can tell you how much extra you must pay.

We need the answer to Items 1 and 2 before we can answer items 3 and/or 4.

Any extra that you pay will be applied to principal every month. How much extra you pay is based on your budget.
General rule is that one extra payment a year will decrease your term from a 30 year loan to approximately 20 years.
There are millions of amortization schedules online that will allow you to adjust the amount extra to determine how much time it takes off your loan.

An extra payment a year reduces the 30 year loan to about 20 years if the interest rate is about 11%.

An extra payment a year when the rates are low, like they are now, reduces a 30 year loan to about 25 years. A rate of 5% would pay off in 25.33 years, no place close to 20 years.

The interest rate affects how fast an extra annual payment pays off a 30 year fixed rate mortgage.

always on top of things, john; it's a good thing you're around.

and this thought just occurred to me...

since the question is "how much?" i will aver that the answer ought to be "as much as you are able to pay without causing any challenges with other obligations."

Thanks, George. The sentiments are returned. After over 8,000 posts I have no idea how you are able to remain so polite to everyone as there seem to be a large number of very trying questions and a large number of very dubious answers.

Last I spoke with you, you were in the Macys return line. Glad you made it out of there.

Keep up the good job here.

Looks like I submitted a reply without logging in above

I would like to thank everyone who replied to my mortgage message. All answers are appreciated.

with that "guest" appellation, i sat here saying "huh???" for a few seconds, until i realized that was the post you neglected to sign in on, john.

thanks for the kindness. it's a terrible time to be my tongue - it keeps getting bit by me when is see some of the diatribes up here.