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Is there an Excel spreadsheet available so that I can put in the remaining numbers of years on a mortgage and figure when the mortgage will be paid off early by paying double the principal each month? Thanks!
Is there an Excel spreadsheet available so that I can put in the remaining numbers of years on a mortgage and figure when the mortgage will be paid off early by paying double the principal each month? Thanks!
I use this mortgage calculator. It lets you include or exclude PMI, insurance, property taxes, and HOA and has options for extra monthly, quarterly, yearly, or one-time principal payments with a full amortization schedule and graph.
Be sure to consider the opportunity cost before you make above minimum payments. With mortgage rates so low, your money might serve you better somewhere else.
Is there an Excel spreadsheet available so that I can put in the remaining numbers of years on a mortgage and figure when the mortgage will be paid off early by paying double the principal each month? Thanks!
You might want to contact your mortgage company and see if they will reset your current mortgage to a lower interest rate and higher monthly payments. Resetting the terms of the current mortgage should avoid new fees, title search etc.
Let's see- You have an option to add to monthly payment. Just add there what you want including your principle payment. How's that different?
That's not the correct formula. Simply adding a static amount for each month won't achieve the right results. The principal payment on a mortgage changes each month for the life of the loan. Look at an amortization schedule and you will see. To double the principal payment each month requires a further calculation to determine what that would be for each month.
You might want to contact your mortgage company and see if they will reset your current mortgage to a lower interest rate and higher monthly payments. Resetting the terms of the current mortgage should avoid new fees, title search etc.
I believe you are referring to a mortgage modification. I've done those a couple of times in the past when interest rates were dramatically different than they are now. Recently our mortgage was sold to another company which doesn't allow mortgage modification or anything useful unless you are doing a refinance.
With the economy being what it is, I prefer not to to be locked into a higher monthly requirement. Sending in additional principal payments gives me more control over the situation.
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