How soon can i pay off my mortgage if i send extra each month?

My balance is about 159000


My regular payment is 1411.00


if I sent an extra 69.00


my interest rate is 6.5


thank youHow soon can i pay off my mortgage if i send extra each month?
I actually figured the escrow in from the numbers you had given so based on the numbers I determined you loan payment to actually be 1028.75 plus the additional 69 dollars going to principle...that will pay off your loan four years and three months early.





http://www.bankrate.com/brm/mortgage-cal鈥?/a>





Another interesting fact that few know is...pay your mortgage twice a month...nothing extra. Example if your mortage is due December 1, then on November 15th send 1/2 the payment on December 1st send the second half. Doing this alone can reduce the length of your mortage by a couple months.





How soon can i pay off my mortgage if i send extra each month?
Always pay extra what ever you can afford. Remember that in the beginning of your payment plan your paying like 90-10 with 10 ONLY going toward payment and 90 going toward interest. So anything extra you pay goes toward Principal. If you make an extra monthly payment in one year you should knock off about 5 years by the time your done.






You will shave about 4 1/3 years off your mortgage by paying that extra.





It helps but you need to up it a bit more to really make a difference.
On 拢69 per month, its not going to shorten the Mortgage period by much more than a year. I would save the money for a rainy day.
Your 69 extra each month will have you paid off 13 months earlier.
http://www.hsh.com/calc-amort.html