Buying a home is a major expense – and a major debt. It’s said it’s the biggest purchase you’ll make in your life A traditional mortgage loan is repaid over the course of 30 years, but today, some terms call for up to 40 years of repayment.ou will reduce your mortgage
Report Abuse. it really depends on how much you pay to principal in extra payments. if you pay $100K extra, then the loan would be done in no time. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it.  1. Calculate how much extra your payment must be to meet your goal. The general rule is that if you double your required payment, you will pay your 30-year fixed rate loan off in less than ten years. A $100,000 mortgage with a 6 percent interest rate requires a payment of $599.55 for 30 years. If you double the payment, the loan is paid off in 109 months, or nine years and one month. Paying off your mortgage in seven or even 10 years will save you tens or even hundreds of thousands of dollars in interest. The money you save can be invested or saved and earn you even more money over the long term. You have to do more than just say you want to pay off your loan in ten years; you have to make a plan. If you take out a 30 year loan for $250,000.00 with a 5.000% interest rate, for example, your monthly payment (interest and principal only) will be $1,342.05. By the time the 30 year time period is complete, you will have paid $483,133.89 for your home. If you pay just $50.00 more each month, you will pay only $461,835.60 toward your home. This is a savings of $21,298.29. In addition, you will get the loan paid off 2 Years 4 Months sooner than if you paid only your regular monthly payment. If you have a $200,000 mortgage, you could pay it off completely in 10.33 years with the same numbers. If you have a $150k mortgage @ 5% paying $1037 total a month will have your house paid off in 18.5 years. The calculator I use is http://www.hughchou.org/calc/prepay.cgi. I fill out A (B makes no sense to me). You will reduce your mortgage payments by 6 years. So, instead of paying for 30 years, you’ll pay it off early in 24 years. Your lender should be able to give you amortization on how many months your mortgage loan will be shorten if you continue this kind of payments for the duration of the loan. Some people elect to make one additional payment per year. If you have a $250,000 fixed-rate mortgage over 10 years at 6.5 percent, making one additional payment of $2,383.70 per year or paying 1/12th of an additional payment, or $236.56, each month will shave one year off the life of the loan. Four ways to pay off your mortgage faster – and save money. Buying a home is a major expense – and a major debt. It’s said it’s the biggest purchase you’ll make in your life. A traditional mortgage loan is repaid over the course of 30 years, but today, some terms call for up to 40 years of repayment. You will reduce your mortgage payments by 6 years. So, instead of paying for 30 years, you’ll pay it off early in 24 years. Your lender should be able to give you amortization on how many months your mortgage loan will be shorten if you continue this kind of payments for the duration of the loan. 3 – Change Your Loan to a Shorter Term. If you can really commit to making increased payments on a regular basis, shortening a 30-year mortgage to a 15-year loan would also save you about half of the interest and probably is the fastest way you could pay off your mortgage. A 15 year mortgage is a great way to get a lower rate and pay off your mortgage faster. But I think a lot of people find it hard to keep up with the mortgage payments on a 15 year. If you can do it though, that has to be a great feeling to pay off a mortgage that quick Even paying $20 or $50 extra each month can help you to pay down your mortgage faster. For example, if you have a 30-year $250,000 mortgage with a 5 percent interest rate, you will pay $1,342.05 each month in principal and interest alone. You will pay $233,133.89 in interest over the course of the loan. If you pay just $50.00 more each month, you will pay only $461,835.60 toward your home. This is a savings of $21,298.29. In addition, you will get the loan paid off 2 Years 4 Months sooner than if you paid only your regular monthly payment.
https://answers.yahoo.com/question/index?qid=20060830124206AANAOjn http://homeguides.sfgate.com/pay-off-30-year-mortgage-7-10-years-7649.html http://www.mortgagecalculator.org/calculators/what-if-i-pay-more-calculator.php http://christianpf.com/pay-off-your-mortgage-early/ http://budgeting.thenest.com/fast-can-pay-off-10-year-loan-make-bi-weekly-extra-mortgage-payments-4103.html http://christianpf.com/pay-off-your-mortgage-early/ http://freefrombroke.com/payoff-mortgage-faster/ http://www.mortgagecalculator.org/calculators/what-if-i-pay-more-calculator.php
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