Mortgage Calculator Search

[nanamom]

Does anyone know where I can find a calculator that will tell me (after I enter appropriate figures of course) how many years earlier I can pay off my house if I add XX dollars to my payment every month? I want to pay it off early and would prefer to have a general plan or idea how much time I cut off every month I add to the principal. When I bought my first house they told me at closing that if I paid one extra months principal a year I would cut the years from 15 to 11. I am now in a 30 year loan and would like to know how many extra payments (principal) I need to pay to cut the number of years down. I tried to find something on a search engine but they just want to tell me how much I can afford for buying a house. Thanks

[sweeps]

http://www.bankrate.com/brm/mortgage-calculator.asp

[bjl584]

Depending how the numbers work out for you and what you can afford, you may want to consider refinancing to a 15 year fixed mortgage.

[jIM_Ohio]

http://mortgages.interest.com/conten...y-payment.asp?

I just refinanced and used this. I also have an excel spread sheet I use for "one time" or sporadic extra payments (and what if scenarios).

[nanamom]

thank you, I can't refinance now since I just took out the loan two months ago. I have come to the conclusion that I can reduce the time radically if I just add 100.00 per month. i have to make sure it goes to the principal though. But anyway, thanks for the help