Easy Mortgage Calculator?
July 28, 2008 · Print This Article
Hansi asked:
Where do I find and easy mortgage calculator? I would like to find out how much extra Principal a month I have to pay, to shorten my 30 year mortgage by 10 to 15 years, without refinancing / signing up for a new loan. Thanks a lot!!!
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Where do I find and easy mortgage calculator? I would like to find out how much extra Principal a month I have to pay, to shorten my 30 year mortgage by 10 to 15 years, without refinancing / signing up for a new loan. Thanks a lot!!!
Caffeinated Content
Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.
You can download such from msn in the excel templates. generally paying 1/3 of the regular amount extra in a “towards principal only” payment can take about 19 years off your loan.
Make sure you dont exceed your pre-payment allowable clause if your loan is still under the pre pay timeline.
Bankrate.com, Mortgage101.com, Interest.com
Those should be able to help.
I have calculated that in order to reduce your mortgage term to 20 years, you will have to increase the repayments by 20% and to reduce it to 15 years you have to increase them by 42%.
All you need for this kind of problem is the Algebra book from your old school, and a simple calculator. Why are we learning them, if we are not prepared to use them later in life?
here is a easy loan calculator
You are probably looking for a prepayment calculator. There are three on this site.