How Long Will It Take Me To Pay Off My Mortgage If I Pay Three Extra Payments A Year? My Balance Is 65.000 And My Rate Is 9.65 And My Payments Is 610.50 A Mouth And I Have 25years Left On This Loan.

2 Answers

Mary Ann Cassidy Profile
You definitely make out when you make 3 extra payments a year and stipulate that you want it applied to the principal. Currently I think you would be in a better position if you refinanced. Your interest rate is pretty high, and you could probably get a rate around 5%. With this rate and the 3 extra payments, you would pay off your loan MUCH quicker!
Anonymous Profile
Anonymous answered
Take the 610.5, and multiply it by 3, and divide by 12.

This will give you 152.63 to pay in addition to your 610.5.

You will pay 763.13 for 144 months

You will have a 145th payment less than 763.13

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Anonymous