Pay off mortgage in 8-9 years
Prepayments less costly than lender's biweekly plan
By Ilyce Glink, Thursday, June 19, 2008.Q: I own a home. In 2004, I refinanced and got a $200,000, 15-year loan at 5.25 percent. For one year I paid an extra $500 per month. I now owe $125,000. I am still paying one-twelfth of the payment each month.
I am not sure how many years I have left at this point due to all of my prepayments. I want to pay the house off in the next five years. How much do I need to add to my monthly payment in order to pay off the house in that time frame? Also, do lenders allow biweekly programs? I just send in payments twice a month.
more...To continue reading sign in to your Premium Member account.
Premium Members have full access to news archives.

Buy Now $149.95/yr
All rights reserved. This article may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this article without permission is a violation of federal copyright law.

