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Making extra 2nd mortgage payments...
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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
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Making extra 2nd mortgage payments...
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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Long Island's Largest Bridal Resource |
Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: Making extra 2nd mortgage payments...
Paying one extra mortgage payment a year will cute 9 years off of your 30 year mortgage....not in half. So making 2 payments may take off another few years , making it actually down to 15 years.
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| Posted 4/19/06 9:28 AM |
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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
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Re: Making extra 2nd mortgage payments...
Everyone including mortg, bank people, lawyer said it would cut it in half??? 
That stinks!!!
We're trying to be able to pay off this 15 year loan off in 3-4 years. I'm not sure how to do it though.
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| Posted 4/19/06 10:00 AM |
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: Making extra 2nd mortgage payments...
I posted a link to a mortg. calculator for you on your other thread. You can enter all the mortg. amount info and payments and it'll tell you what you need to know.
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| Posted 4/19/06 10:01 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Making extra 2nd mortgage payments...
The last time I ran the numbers, making 1 extra principal payment knocked it down to 21.8 years. Making 2 extra principal payments knocked it down to 17.5 years.
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| Posted 4/19/06 10:40 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Making extra 2nd mortgage payments...
Posted by CaidensMommy
Everyone including mortg, bank people, lawyer said it would cut it in half???
That stinks!!!
We're trying to be able to pay off this 15 year loan off in 3-4 years. I'm not sure how to do it though.
Is this the second (HELOC or equity loan)? Why do you want to pay it off so fast?
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| Posted 4/19/06 10:41 AM |
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