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Principal payments on 2nd mortgages...
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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
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Principal payments on 2nd mortgages...
This may be a VERY stupid question but I know if you make 1 extra principal payment every year that will cut your mortgage in half. What if you make another extra payment every year, will that cut it in half again? I'm just curious because we're trying to pay off the 2nd mortgage off in time for us to sell the house in a few years. Would this work? It's a 15 yr fixed mortgage. Thanks!
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Posted 4/19/06 9:26 AM  |
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Prudential Douglas Elliman Real Estate
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: Principal payments on 2nd mortgages...
It would work the same as your other mort.
You can use this calculator to figure it out.
http://www.bankrate.com/brm/mortgage-calculator.asp
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| Posted 4/19/06 9:47 AM |
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