early mortage patoff calculator site found

Discussion in 'Homesteading Questions' started by countrygurl, Mar 6, 2004.

  1. countrygurl

    countrygurl Well-Known Member

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  2. Terri

    Terri Singletree & Weight Loss & Permaculture Moderator Staff Member Supporter

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    A lovely site! Thanks! :D
     

  3. dnelmo

    dnelmo New Member

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    Thanks Countrygurl for the good link.

    I wanted to share a method of paying off a mortgage in about 1/2 the term of the mortgage. When you get a mortgage request an amoritization table from the lender. The amoritization table will show the principle and interest amounts separately for each month's payment. When you make the current month's payment, add the next month's principle amount to your current month's payment. If you are able to do this for the life of the loan you will be able to pay off your motgage in approximately 1/2 the time. Adding the next month's principle amount to the current month's payment is much easier to do in the early years of the mortgage because so little of you payment is applied to the principle balance.

    I hope this is helpful to you and others who might read this thread.
     
  4. countrygurl

    countrygurl Well-Known Member

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