Posted by MarkB_MI on March 09, 2014 at 05:09:22 from (75.241.116.124):
In Reply to: Re: paying off mortgage posted by austin carpenter on March 08, 2014 at 19:32:41:
An interest rate amortization table book is a good investment, as you can quickly figure the effect of increasing your payment. You can also do the calculations using a spreadsheet program.
According to my book, in order to knock one year off your loan, you need to increase your payment by about 5.5 percent. That assumes you have 15 years to pay on a 3.25 percent fixed interest rate loan. To knock five years of the loan, you need to increase your payments by a whopping 40 percent. If you've made a couple of years worth of payments, you need to increase your payment to get the same effect. Making small additional principal payments has a very dramatic effect on long-term or high interest rate loans, but not so much on a 15 year loan with a low rate.
I assume you have a fixed rate loan. If you by any chance have a variable rate loan, refinance it ASAP to a fixed rate mortage. Interest rates will not get any cheaper than they are today.
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