If I made 1 extra expenditure a year on our 30 yr loan mortgage how several years are reduced? My interest is 5.75%.?
Answers:
You'd reward it off in a bit over 23 years. I'm about to sign my own mortgage and I asked the lender just that examine.
I laid mine out in excel and come up with this!!
If you make one extra transfer of funds at the end of each year it would be rewarded off in 213 months and 25% of a pyament would still be due the 214th month (17.75 yearsish) HOWEVER...
**if you split the extra pay-out up and pay 1/12 of it every month you would pay your house past its sell-by date in 212 months and 9% of a payment would be due the 213th month positive you an additional months+ payment!! Double check my math but this should be correct, doesn't include taxes and pmi if applicable. Source(s): I used excel and math ;)
I believe 7 years, or 10 more if you go to bi-monthly payments
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