U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-29-2018, 08:55 AM
 
605 posts, read 229,765 times
Reputation: 648

Advertisements

We want to apply 30k lump sum to our mortgage and see how many years it cuts off

I've only found calculators which add an extra payment each month.

Thank you
Rate this post positively Reply With Quote Quick reply to this message

 
Old 12-29-2018, 09:31 AM
 
Location: Phoenix, AZ
2,894 posts, read 1,358,266 times
Reputation: 7438
Use this one:


Mortgage/Loan Calculator with Amortization Schedule


Actually, any amortization calculator can do it, you just have to know how. I'll give you an example.


100,000 mortgage at 6% for 30 years carries a monthly P&I of 599.55. Now let's say after a year you want to make that 30,000 prepayment.


After a year of regular payments your balance would be 98,772. From that subtract 30,000 and get 68,772. Then recalculate the 68,772 using the same payment amount but leaving the space blank where it says number of payments.


Click on calculate and you get 171 more payments effectively reducing the remaining 29 years to 14 years and a few months.


Play around with it.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-29-2018, 09:40 AM
 
605 posts, read 229,765 times
Reputation: 648
oh wow.



There is a calculator which applies a one time lump sum payment (or did), i just cannot find it. Thank you
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-29-2018, 09:47 AM
 
580 posts, read 584,043 times
Reputation: 976
I like to use https://www.bankrate.com/calculators...alculator.aspx
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-29-2018, 01:27 PM
 
12,377 posts, read 9,956,411 times
Reputation: 32109
Just make sure your lender allows recasting.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-29-2018, 02:42 PM
 
Location: Phoenix, AZ
2,894 posts, read 1,358,266 times
Reputation: 7438
Quote:
Originally Posted by charlygal View Post
Just make sure your lender allows recasting.
Recasting is not the same as pre-paying.


Recasting lowers the monthly payments and requires the cooperation of the lender.


Pre-paying does not lower the monthly payment, it shortens the life of the loan and does not require the consent or cooperation of the lender, though there may be a prepayment penalty if done within a limited amount of time after taking out the loan.


Reminder to BumbleBeeHunter: Read your contract and see if there is a pre-payment penalty before you make the lump sum payment.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-29-2018, 09:57 PM
 
605 posts, read 229,765 times
Reputation: 648
Quote:
Originally Posted by adjusterjack View Post
Recasting is not the same as pre-paying.


Recasting lowers the monthly payments and requires the cooperation of the lender.


Pre-paying does not lower the monthly payment, it shortens the life of the loan and does not require the consent or cooperation of the lender, though there may be a prepayment penalty if done within a limited amount of time after taking out the loan.


Reminder to BumbleBeeHunter: Read your contract and see if there is a pre-payment penalty before you make the lump sum payment.
Thank you. When we signed, that was the one question I asked. We were expecting an inheritance any day
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-30-2018, 06:57 AM
 
462 posts, read 327,464 times
Reputation: 610
This one lets you choose a lump sum:


http://https://www.daveramsey.com/mo...off-calculator
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-30-2018, 01:36 PM
 
Location: Phoenix, AZ
2,894 posts, read 1,358,266 times
Reputation: 7438
Quote:
Originally Posted by BumbleBeeHunter View Post
Thank you. When we signed, that was the one question I asked.
Great. But did you verify the answer by reading your contract?


Did you take out your contract yesterday to make sure?


Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-31-2018, 04:49 PM
 
Location: San Francisco Bay Area
6,132 posts, read 3,264,906 times
Reputation: 12092
Quote:
Originally Posted by BumbleBeeHunter View Post
Thank you. When we signed, that was the one question I asked. We were expecting an inheritance any day
Keep in mind that most inheritances are to individuals, not couples.

Once an individual inheritance is commingled, as it would be if used to pay down a joint mortgage, the money becomes community property, at least here in California. If that is what one intends, fine, otherwise, the inheritor might be better off funding an individual account at a financial institution.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top