Tips for mortgage payment

I have a 30 year loan, I have some extra money and would like to cut down the years. Hoping for 17ish, is there a calculation to figure out if I put X amount extra per month I can cut the years down to Y. Phone Post 3.0

Good question. I just pay a couple hundred extra but would be interested to know how that will shake out.

in for answers

In excel, try the N function. Phone Post 3.0

=PMT() in excel can help you

Or this
http://www.myhomeloantools.com/mortgage-extra-payment-calculator.php Phone Post 3.0

ryans -


=PMT() in excel can help you

Actually, its =n() Phone Post 3.0

http://www.bankrate.com/calculators/mortgages/mortgage-loan-payoff-calculator.aspx

myersei - 
ryans -


=PMT() in excel can help you

Actually, its =n() Phone Post 3.0


Not its not.

I believe if you make one extra payment a year you will reduce a 30 year mortgage to 23 years.

SallymeetsHarrySack - I believe if you make one extra payment a year you will reduce a 30 year mortgage to 23 years.



and if you make 360 more payments you'll pay it off in 0 years.



 



OP you can fill in the rest.

myersei - Or this
http://www.myhomeloantools.com/mortgage-extra-payment-calculator.php Phone Post 3.0
Ohhh will check this Phone Post 3.0

Do biweekly payments, it will cut at least 10 years off. Phone Post 3.0

Hoyce Chopino - Do biweekly payments, it will cut at least 10 years off. Phone Post 3.0
So pretty much pay double every month? Phone Post 3.0

GaspareBJJ -
Hoyce Chopino - Do biweekly payments, it will cut at least 10 years off. Phone Post 3.0
So pretty much pay double every month? Phone Post 3.0
No, pay 1/2 the monthly payment every two weeks. It's essentially an additional payment a year.

Mortgage = $3000 / month

$3,000 X 12 months = $36,000

$1,500 X 26 weeks = $39,000

What I do is instead of paying double every other month, I pay single every other month.


This effectively makes it a 60 year loan which I'll die around year 35 of... it's like free money Phone Post 3.0

ryans -
myersei - 
ryans -


=PMT() in excel can help you

Actually, its =n() Phone Post 3.0


Not its not.

Uh, yeah, it is. He's trying to solve for n, not the payment. Phone Post 3.0

I usually put a little extra on the principle but have no idea how much it will help in the long run. Phone Post 3.0

myersei -
ryans -
myersei - 
ryans -


=PMT() in excel can help you

Actually, its =n() Phone Post 3.0


Not its not.

Uh, yeah, it is. He's trying to solve for n, not the payment. Phone Post 3.0
But I suppose you could use the PMT function two. Phone Post 3.0

ryans -
SallymeetsHarrySack - I believe if you make one extra payment a year you will reduce a 30 year mortgage to 23 years.



and if you make 360 more payments you'll pay it off in 0 years.



 



OP you can fill in the rest.

What about a little each month adding up to around 3 extra payments a year? That's feasible for me. Phone Post 3.0