# 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.

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

In excel, try the N function.

ryans -

Actually, its =n()

myersei -
ryans -

Actually, its =n()

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
Ohhh will check this

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

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

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

ryans -
myersei -
ryans -

Actually, its =n()

Not its not.

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

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

myersei -
ryans -
myersei -
ryans -

Actually, its =n()

Not its not.

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

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.