Citibank
Mortgage
Wells
Fargo
Mortgages
Bank of
America
Home
Loans
Private
Money
Lenders
First Time
Home
Buyers
Grants
Calculate
House
Payments
Mortgage
Amortization
Table
Home Mortgage Preparation :: Mortgage Amortization Table
Mortgage Amortization Table: Using Your Amortization Table to Understand Mortgage Pre-Payments
Custom Search
There are a number of ways to prepay the principal on your mortgage, pay off your loan early and really see the results on your mortgage amortization table.
You could double your monthly payments once you're more financially secure, you could add an extra $100 or $150 to every monthly payment.
Or you could use a mortgage amortization table and add the next month's scheduled principal payment to the monthly payment to effectively cut your loan term in half.
In short, any extra money that you pay toward the principal balance of your mortgage, over and above your regular required monthly loan payment, will reduce your interest expense and result in a shorter loan term. You mortgage will be paid off and you'll be living free and clear.
Paying off Within a Certain Time Period
If your goal is to pay off your mortgage in a certain number of years, all you need to do is enter your loan information into a mortgage calculator to determine the exact amount that you would have to pay each month to pay off the balance in seven years, or whatever time period you choose.
A mortgage amortization table will even show you a full schedule of payments. Fortunately, free mortgage calculators are readily available all over the Internet.
You can access free calculators at sites like BankRate.com (http://bankrate.com) or MacKenzie Financial (http://www.mackenziefinancial.com/en/pub/tools/calculators/index.shtml, then click "Mortgage and Loan Amortization Scheduler).
Calculating Pre-Payment Benefits
Play around with the mortgage calculators and your mortgage amortization table on a few sites around the Internet, and you will be able to see how making different principal payments affect your loan term and total interest expense.
Just keep playing with the numbers until you come up with a monthly payment and mortgage amortization table that accomplishes your goal and is still doable for your family.
Whatever you decide, make sure you're still able to meet your other financial commitments, have enough left over each month for savings and will still be able to weather a bad financial spell.
See also:
All Articles for Home Mortgage Preparation
Custom Search
Only $9.95!!
Learn great tips about how to safely obtain a home mortgage with
Your First Mortgage
Order Online
24 Hours a Day
7 Days a Week
365 Days a Year!
Copyright 2008
Home-Mortgage-Preparation.com :: Mortgage Amortization Table