Question about mortgage payments

[Christophercarl]

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.

[tripods68]

Use Compare Mortgage Rates | CD Rates | Credit Cards Home Equity Loans Mortgages Best Rate Calculator Bankrate.com mortgage calculator.

[jIM_Ohio]

Yes- download an ammortization table from

http://office.microsoft.com/en-us/templates/results.aspx?qu=ammortization+schedule&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.

[MiikeB]

I like dinkytown.net for its calculators.

[Christophercarl]

Thanks for all of the help. The Microsoft Excel template worked great. Thanks!