If I put $3500 a year to the principal payment of my mortgage. How do I calculate the rest of the time in loan if I dump the allotted amount to the principal only? How many years would I knock off the total mortgage? I have about 24 years left at a little over 7% interest on $224,000.
The amortization calculator would work very good. Also if you got a printout when you closed _I did. You can simply look at the monthly principal payment. Go forward $3500 in principal and …there you are. So if there is about $100 in principal each monthly payment then you have moved forward almost three years.
There are plenty of places and sources that offer loans for people with bad credit with no-hassle applications and easy requirements.
Some of these lenders even offer 1 minute approvals, and have both secured and unsecured loans, depending on your emergency need and situation. Check the site listed below, it has information and bad credit lenders listed off and on.here some good for you.
If you don’t have at least 20% equity, you won’t get a line against the home. I’m just assuming since you’ve only been making payments for a few years, defaulted for a bit, and in most areas, home values are still down, or at least, haven’t appreciated. A loan with reasonable terms and no collateral is not likely with the mortgage default not too far back. Good luck! You’ll get over this and life will get better.
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