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Another mortgage question and then I'll stop. Are there any good mortgage calculators for amortization so I can see when it will be paid off and how much total for comparison? Those I've tried will take the extra principal added per month right from the beginning which was 2 years ago. I need to see one which will take in starting at month 26 or a large sum every May starting at the present.
I asked on another thread about refinancing a USDA loan with paying a large sum. Now I'm wondering if it would be better to take that 28000 dollars and not paying it all at once towards the 138000 I owe at 5%. I would take 11000 of it and pay off my car, then keep the rest in the bank as emergency but pay out of it 1000 per month extra towards principal. I know that for 6 month's of the year I can continue to replenish that 1000 per month easily so I think I could continue to do it. Especially since I have no more credit card payments and I would have no more car payments.
When I bought the house 2 years ago I had a goal to pay the 30 year off in half the time and I didn't think of how until now. I'm wondering if doing it this way will get it payed off in even less time.
This idea could also let me keep some emergency funds in the bank where refinancing and putting that whole sum at once would drain my non-IRA accounts to a dangerously low amount, though it would give me a lower payment.
I'm wondering, would it be better to pay a large monthly amount short term or a smaller monthly amount long term?
If you have Excel on your computer, Free Home Mortgage Calculator for Excel is the best calculator I've seen. It lets you enter a different "extra" payment every month, starting whatever month you want, ending whatever month you want, etc. I found it online years ago and saved a copy on my hard drive for future use.
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