How do I calculate the principal into the mortgage loan?

Home Forums Mortgage Loan How do I calculate the principal into the mortgage loan?

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  • #19990

    admin
    Participant

    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.

    Marching for a moratorium in foreclosure

    Foreclosed upon homes have reached an all time high. 8 to 9 million Americans are on the verge of losing their homes in the next four years, that represents one home being lost every 13 seconds. Soon the house of representatives is expected to vote on H.R. 200 (S.61 in the Senate), the Helping Families Save Their Homes in Bankruptcy Act of 2009. This bill would allow bankruptcy judges to modify loans on principal mortgages. ACORN calls on members of congress to support H.R. 200/S 6.1 when it comes to a vote. This legislation is vital because mortgage debt on a primary residence cannot currently be restructured, while vacation homes and yachts can be at the moment. Banks are not offering any true solutions to the foreclosure situation, this legislation could modify loans structurally and change the current dynamic.

    #104166

    admin
    Keymaster

    You need an amortization calculator. This one seems good. It requires the original mortgage amount and original term but If you assume the mortgage is starting now, say it is 25 year mortgage for $ 224000, an extra $ 292/month ($ 3504/year) will save almost 8 years

    #104167

    admin
    Keymaster

    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.

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