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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?

kathy.bailey's picture
kathy.bailey | Joined: September 3, 2008 02:20 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Wed, 09/03/2008 - 14:45 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Thu, 09/04/2008 - 06:28 | Post subject:

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