and, the extra payment you'd like to contribute.the monthly principle and interest payment,.
Monthly mortgage calculator download#
All you need to do is head to Etsy, download the tool, and then enter in your. What if you didn't just start your mortgage? What if you're already say.7 years into your mortgage and now you want to pay extra? How do these extra payments impact your mortgage payoff? Simple. There's one thing you might be asking yourself though. I could seriously plunk numbers into this early mortgage payoff tool all day to see what could happen in a bazillion different scenarios. What impact would that have? If you put an extra $200 toward your mortgage each month and you just started a $300,000 mortgage, this simple act would cut your payoff time from 30 years down to 23.5 years! And it would save you $69,203 in interest!! It really is crazy. Maybe you're not interested in making one or two extra mortgage payments a year? Maybe you just want to pay an extra $200 a month on your mortgage. We're building up to what that would take.) What happens if I pay an extra $200 a month on my mortgage? Could you actually pay off your house in just 5 years? (It's possible. Now that I have your wheels turning.let's start thinking about that 5 year mark again. If you pay an extra $3,220 a year on your $300,000 mortgage, you'll pay off your mortgage 8 years early AND save over $85,000 in interest payments! Sounding pretty good right? an extra $268 a month)? When would you pay it off and how much interest would you save? The impact of 2 extra mortgage payments a yearĪgain, if we just plug these numbers into the early mortgage payoff calculator. What if you paid an extra $3,220 a year toward your mortgage (ie. Your interest is 5%, it's a 30-year loan, and your payment is $1,610. Let's continue on with our $300,000 loan example. So.if making 1 extra mortgage payment a year can have such a big impact, what about making 2 extra mortgage payments a year? What could that do? And as you can see, if you pay an extra $1,610 a year on your $300,000 mortgage, you'll pay off your mortgage 5 years early AND save over $50,000 in interest payments! Isn't that just insane? What if I make 2 extra mortgage payments a year? We simply enter those numbers into the tool. If you make one $1,610 payment a year, that's roughly equivalent to an extra $134 a month ($1,610/12 months). Let's plug these numbers into the early mortgage payoff calculator. The impact of 1 extra mortgage payment a year $20.9k isn't that much more than $19.3k.It really can't make THAT much difference in the grand scheme of your overall mortgage payoff.can it? Let me tell you, I'm always baffled when I calculate the impact of these once-a-year payments. So, in total, you'll be putting $20,930 toward your mortgage instead of $19,320. What if, instead of making the expected $19,320 worth of mortgage payments each year, you decide to add a $1,610 payment in there. Let's say you recently signed up for a 30-year $300,000 mortgage at 5% interest. This post is going to be one of my best! Give it a read, take notes, and download the tool! And best of luck to you paying off your mortgage!! What happens if you make 1 extra mortgage payment a year?īefore we get into the specifics of paying off your mortgage in 5 years, let's take a look at a simpler feat - paying just one extra mortgage payment a year.
Monthly mortgage calculator how to#
Not sure how to come up with extra money to pay off your mortgage in 5 years? We've got the answers for you there too! I can already feel it. Want to pay off your mortgage in 5 years? Use my robust mortgage calculator from Etsy to see how much you'll need to pay each month! (I'll give plenty of tips and examples in the post below, but if you want a tool that's catered just to you, then you may want to pay the small amount I'm asking and download the tool. Want to know how to pay off your mortgage in five years? Or maybe 10? Or heck, maybe 2 years? Whatever you're looking to do, I have the tips for how to pay your mortgage faster and calculations that will show you exactly how long it will take to pay off your mortgage based on the payments you're making. Our partners don't dictate what we choose to write.
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