Does anyone know how to ....

Nanny Pam

Nanny Pam

************
Tell me when my house will be paid off?

I pay 96.46 extra per month.

Interest rate is 5.875%
Original loan was 203,500.00
Loan amount is 1703.54
I pay 1800.00 ----> (just started this 5 months ago.)
term of loan was 15 years. (now 13 years-5 mos.)
Balance now is 188,647.86
 
R

refi-rep

New Member
Nanny Pam said:
Tell me when my house will be paid off?

I pay 96.46 extra per month.

Interest rate is 5.875%
Original loan was 203,500.00
Loan amount is 1703.54
I pay 1800.00 ----> (just started this 5 months ago.)
term of loan was 15 years. (now 13 years-5 mos.)
Balance now is 188,647.86
Click to expand...

Is that a fixed rate?
 
SoMDGirl42

SoMDGirl42

Well-Known Member
Nanny Pam said:
Tell me when my house will be paid off?

I pay 96.46 extra per month.

Interest rate is 5.875%
Original loan was 203,500.00
Loan amount is 1703.54
I pay 1800.00 ----> (just started this 5 months ago.)
term of loan was 15 years. (now 13 years-5 mos.)
Balance now is 188,647.86
Click to expand...

I'm surprised Patch didn't reply "when it goes to forclosure" :killingme
 
nanstime

nanstime

New Member
Nanny Pam said:
Tell me when my house will be paid off?

I pay 96.46 extra per month.

Interest rate is 5.875%
Original loan was 203,500.00
Loan amount is 1703.54
I pay 1800.00 ----> (just started this 5 months ago.)
term of loan was 15 years. (now 13 years-5 mos.)
Balance now is 188,647.86
Click to expand...

I say 12 years and about 5 months? Did I win?
 
migtig

migtig

aka Mrs. Giant
Actually - you will pay off your loan quicker. You have to realize your payment that was originally factored, figured in your interest, insurance, etc. Right now, you are still paying down the interest - basically the lender gets their money first, even though you have increased your monthly payment. Yet, in the long term, the extra money is going to wind up paying down the amount quicker and then that is going to be more obvious after your 6 year mark, as to how much quicker your amount loan gets paid off. One thing you can do is make two seperate checks and send them in. One check for your payment due. One check for $96.46 to be paid to the PRINCIPLE only. See, if you can get your PRINCIPLE LOAN amount lower, then guess what - your interest drops. However, they don't explain that to you because they want all their money and your check right now is strictly being addressed to the interest. However, here's my disclaimer, I could be wrong and your lender does business different.
 
Nanny Pam

Nanny Pam

************
migtig said:
Actually - you will pay off your loan quicker. You have to realize your payment that was originally factored, figured in your interest, insurance, etc. Right now, you are still paying down the interest - basically the lender gets their money first, even though you have increased your monthly payment. Yet, in the long term, the extra money is going to wind up paying down the amount quicker and then that is going to be more obvious after your 6 year mark, as to how much quicker your amount loan gets paid off. One thing you can do is make two seperate checks and send them in. One check for your payment due. One check for $96.46 to be paid to the PRINCIPLE only. See, if you can get your PRINCIPLE LOAN amount lower, then guess what - your interest drops. However, they don't explain that to you because they want all their money and your check right now is strictly being addressed to the interest. However, here's my disclaimer, I could be wrong and your lender does business different.
Click to expand...
The payment ticket has a place for:
Payment:
additional principal:
So I send 1 check and I fill in the additional principal $96.46
 
migtig

migtig

aka Mrs. Giant
Nanny Pam said:
The payment ticket has a place for:
Payment:
additional principal:
So I send 1 check and I fill in the additional principal $96.46
Click to expand...

Yeppers. Right now let's say your interest is figured to be around $60,000 (I'm picking a number) based off your loan. However, if you lower your principle, then the interest becomes $40,000 (again I am picking a number) which means your interest is lower and your principle is lower and therefore your loan is paid off quicker.

Right now though, your pay off appears to be the same because your principle is not lower and you are still paying off your interest. Keep it up and within a couple of years, you will see a huge difference just by that extra money going to the principle.

You gotta out smart the money sharks. :lol:
 
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