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Any math wiz can help me figure this out?
I want to start paying more to my mortgage monthly, not much more but more. I have 27.11 years of payments left. My payment is 1929.70 a month. If I pay an even 2000, putting the extra $70.30 to principal each month, how much time if at all will this take from my mortgage?
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Posted 12/17/17 9:49 PM  |
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lazybug
LIF Adult
Member since 3/12 1013 total posts
Name:
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Any math wiz can help me figure this out?
https://financial-calculators.com/extra-payment-calculator
I'm not a math whiz by any means, but this calculator should help.
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| Posted 12/17/17 10:17 PM |
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3girls1dog
LIF Adult
Member since 10/09 929 total posts
Name:
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Re: Any math wiz can help me figure this out?
you could also do bi-weekly payments I think it makes an extra payment a year.
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| Posted 12/18/17 6:34 AM |
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Diane
Hope is Contagious....catch it
Member since 5/05 30683 total posts
Name:
D
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Re: Any math wiz can help me figure this out?
I dont think it will make that much of a difference.
You can always call the mortgage company and talk to someone about that.
That is what we did. WE found a price that we were comfortable paying extra towards principle.
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| Posted 12/18/17 6:44 AM |
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Re: Any math wiz can help me figure this out?
Posted by Diane
I dont think it will make that much of a difference.
You can always call the mortgage company and talk to someone about that.
That is what we did. WE found a price that we were comfortable paying extra towards principle.
Thanks! Good idea I’ll have them calculate something up for me!
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| Posted 12/18/17 7:32 AM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Any math wiz can help me figure this out?
Based on the calculator mentioned above, it looks like it could take roughly 2 years off of your mortgage.
What is your interest rate? If it's over 5%, you should look into refinancing. Lowering your interest rate could make a huge difference in payments and/or length of your mortgage, depending on the old and new rates.
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| Posted 12/18/17 7:33 AM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Any math wiz can help me figure this out?
Does the 1929.70 include taxes? that will change the answer.
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| Posted 12/18/17 7:39 AM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
Name:
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Re: Any math wiz can help me figure this out?
Posted by 3girls1dog
you could also do bi-weekly payments I think it makes an extra payment a year.
Some banks charge to accept bi-weekly payments, so it's safer to just hold the extra and give it in one payment a month.
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| Posted 12/18/17 9:20 AM |
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Re: Any math wiz can help me figure this out?
Posted by lululu
Does the 1929.70 include taxes? that will change the answer.
It does that’s tax, principal, interest, insurance, and PMI
my interest is 3.5%
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| Posted 12/18/17 10:26 AM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Any math wiz can help me figure this out?
you extra payment may not apply to principal as it may only go towards your next payment.
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| Posted 12/18/17 10:42 AM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: Any math wiz can help me figure this out?
Posted by BabyBoy
you extra payment may not apply to principal as it may only go towards your next payment.
You have to indicate you want it to go towards principal.
We have been paying an extra $200 per month for quite some time now. We indicate it is to go towards principal.
Our 30 year mortgage will be paid off next year at around the 17 year mark.
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| Posted 12/18/17 10:46 AM |
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Re: Any math wiz can help me figure this out?
Posted by NervousNell
Posted by BabyBoy
you extra payment may not apply to principal as it may only go towards your next payment.
You have to indicate you want it to go towards principal.
We have been paying an extra $200 per month for quite some time now. We indicate it is to go towards principal.
Our 30 year mortgage will be paid off next year at around the 17 year mark.
If you don’t mind me asking, how far into your loan did you start doing this? I want to get to this point so our house is paid off in 18 years (20 years total of loan) before my twins are in college
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| Posted 12/18/17 12:03 PM |
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mommy2B3
2 boys 2 girls!!!!
Member since 7/08 3324 total posts
Name:
M
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Re: Any math wiz can help me figure this out?
There are too many missing variables for me to help, although I would be willing if you want to FM. I love math problems haha.
Based off what you wrote, it would take off 4.5 years if your loan is only 200k, and a little less than 1.5 years for 400k. Hopefully that helps a bit.
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| Posted 12/18/17 12:31 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: Any math wiz can help me figure this out?
Posted by TwinMommyToBoys
Posted by NervousNell
Posted by BabyBoy
you extra payment may not apply to principal as it may only go towards your next payment.
You have to indicate you want it to go towards principal.
We have been paying an extra $200 per month for quite some time now. We indicate it is to go towards principal.
Our 30 year mortgage will be paid off next year at around the 17 year mark.
If you don’t mind me asking, how far into your loan did you start doing this? I want to get to this point so our house is paid off in 18 years (20 years total of loan) before my twins are in college
I would say we started about 3-5 years in I would say.
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| Posted 12/18/17 12:38 PM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Any math wiz can help me figure this out?
have you looked on your bank's website to see if they have an amortization calculator? my mortgage is through citimortgage and when i log into my account, there is a link for amortization calculator and i can type in several different scenarios to see how it would affect my mortgage payment terms. i like it because it uses my specific mortgage info (rate, term etc).
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| Posted 12/18/17 1:25 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: Any math wiz can help me figure this out?
Posted by BlueDiamonds
have you looked on your bank's website to see if they have an amortization calculator? my mortgage is through citimortgage and when i log into my account, there is a link for amortization calculator and i can type in several different scenarios to see how it would affect my mortgage payment terms. i like it because it uses my specific mortgage info (rate, term etc).
This is a great idea because everyone's loan is different. Interest rate, amount of the loan, etc will all affect how quickly you can pay it down by giving x amount extra towards principal.
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| Posted 12/18/17 1:30 PM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
Name:
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Re: Any math wiz can help me figure this out?
Posted by NervousNell
Posted by BabyBoy
you extra payment may not apply to principal as it may only go towards your next payment.
You have to indicate you want it to go towards principal.
We have been paying an extra $200 per month for quite some time now. We indicate it is to go towards principal.
Our 30 year mortgage will be paid off next year at around the 17 year mark.
It's the best feeling ever.  We paid off our 30 year mortgage in 14 years and I wanted to throw a party LOL.
Only problem is your credit score will probably go down since you will have less loans out there. But it's still worth it.
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| Posted 12/18/17 1:41 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: Any math wiz can help me figure this out?
Posted by Blazesyth
Posted by NervousNell
Posted by BabyBoy
you extra payment may not apply to principal as it may only go towards your next payment.
You have to indicate you want it to go towards principal.
We have been paying an extra $200 per month for quite some time now. We indicate it is to go towards principal.
Our 30 year mortgage will be paid off next year at around the 17 year mark.
It's the best feeling ever. We paid off our 30 year mortgage in 14 years and I wanted to throw a party LOL.
Only problem is your credit score will probably go down since you will have less loans out there. But it's still worth it.
Yeah that's fine with me. As soon as this blasted mortgage is gone, I will be able to FINALLY lease myself out a decent car. I always joke with DH that I drive the oldest car on the road!
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| Posted 12/18/17 1:54 PM |
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FirstMate
My lil cowboy
Member since 10/10 7790 total posts
Name:
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Re: Any math wiz can help me figure this out?
Posted by NervousNell
Posted by BabyBoy
you extra payment may not apply to principal as it may only go towards your next payment.
You have to indicate you want it to go towards principal.
We have been paying an extra $200 per month for quite some time now. We indicate it is to go towards principal.
Our 30 year mortgage will be paid off next year at around the 17 year mark.
This is such a stupid question but I'm going to ask it anyway. How do you tell your bank you want the extra to go towards principal? I pay my bill online through my personal bank. Do you mail a physical check?
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| Posted 12/18/17 2:03 PM |
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LBBCHGRL
LIF Infant
Member since 1/08 199 total posts
Name:
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Re: Any math wiz can help me figure this out?
If you pay online there is a place in the payment field that says principal. Whenever we get extra money (tax refunds ets) we always put it towards the principal. I just log onto my mortgage account and enter whatever amount into the principal field.
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| Posted 12/18/17 2:07 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: Any math wiz can help me figure this out?
Posted by FirstMate
Posted by NervousNell
Posted by BabyBoy
you extra payment may not apply to principal as it may only go towards your next payment.
You have to indicate you want it to go towards principal.
We have been paying an extra $200 per month for quite some time now. We indicate it is to go towards principal.
Our 30 year mortgage will be paid off next year at around the 17 year mark.
This is such a stupid question but I'm going to ask it anyway. How do you tell your bank you want the extra to go towards principal? I pay my bill online through my personal bank. Do you mail a physical check?
^^what LBBCHGRL said above.
When paying online there is a field where you can indicate you want to put X amount towards principal.
Message edited 12/18/2017 2:11:38 PM.
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| Posted 12/18/17 2:11 PM |
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SusiBee
. . . . .
Member since 3/09 8268 total posts
Name:
S
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Any math wiz can help me figure this out?
Bankrate.com has an easy to use mortgage amortization calculator.
You can play with the numbers, and it will tell you the date of the last payment.
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| Posted 12/18/17 4:13 PM |
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