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12-03-2008, 09:11 AM
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Question about mortgage payments
So I have a 6% 30 year ARM. I'm currently making payments of $857 per month and have about $100,000 left on it to pay off. Is there any way to calculate how much faster I would be able to pay it off if I consistently made $50, $100, or $200 principal payments every month as well? I've searched a little for a calculator that could do this, but found nothing really. Any help would be appreciated.
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12-03-2008, 10:02 AM
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Use Compare Mortgage Rates | CD Rates | Credit Cards Home Equity Loans Mortgages Best Rate Calculator Bankrate.com mortgage calculator.
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Carpe Diem
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12-03-2008, 10:17 AM
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Yes- download an ammortization table from
http://office.microsoft.com/en-us/te...dule&av=TPL000 fill in your numbers (interest rate, 30 year repayments, amount borrowed, start date) then add in extra payments. My suggestion is to make payments on a 20 year or 15 year repayment plan if you have a rate which is not fixed or a balloon payment at some point of the loan.
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12-05-2008, 08:16 AM
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Thanks for all of the help. The Microsoft Excel template worked great. Thanks!
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