If I pay extra 1,000.00 U.S a month for my home loan of 185,000.00. How quick I can pay off my mortgage???
143014
Quick enough where it is worth it!
1034769
You make 2000 a week.  Your mortgage is only about 1400.00 a month.  You should have tons of money unless you are living beyond your means, and aren't we all?  Keep the stock if doing well, if you sell you'll get killed with the capital gains, especially in your income group.  OR, sell the loosers or a portion of thes stock and put it into other vehicles.  Pay a couple extra dollars every month on the mortgage and it'll be paid off quicker.  Start saving something, even if only $1000 a month.  Try living a little simpler, and getting rid of some of those toys.  Yes, you can live without that big boat, some of us only have canoes, and you don't need the luxury sedan, they have all the same toys in cheaper cars.
110431
put a little aside every day. i just took $5 out of my wallet everyday, before i left for work. if you do that for a week then you have $35. for a month that's $150. if you do it for a year then you have $1825. it may not sound like much, but it worked very well for me.
209225
ok you did not supply the time length or interest rate, but....\n\nA standard loan might be 10 years and a rate you might have is 7%, which would be a payment of $290 or so.\n\nIf you paid an extra $100 every month from the begining for such a loan you would pay it of in 6 years 9 months instead of 10 years.\n\nTo see how it will change based on your actual numbers consider this:\n\nIf the rate was instead 8% you would pay for 3 more months, that is 7 years total. \n\nIf the length was 9 years instead of 10 you would pay it off 33 months before the end of the period instead of 39 months early with the 10 year.
918412
It can mean a few things:\n\n1. You cannot pay off your mortgage early. Or\n2.  No more debt will be issued against your mortgage (equity line or an additional one won't be given to you)\n\n\nCall your bank holding your mortgage and have them explain it to you asap.
891816
Hello, in the past two years you don't think the value of your current property has risen $15K?  If not then you should certainly wait.  Purchasing a new home right now also has its downside as their value may still be increasing but not as it was a few years back.  So I would sit tight for a bit and build more equity before you make any rash decisions.  You should never owe money out of pocket on your home when you sell it!!!
1129703
OK, sounds like a beginning.  Here's what your loan officer is going to be thinking about.  He's basically got two ratios: the inside and outside ratios.  The inside ratio is the percentage of your monthly income that goes towards your house.  That number's generally got to be under 28%.  So, if you're bringing $3,583 home a month (gross), then you can afford $1,003 per month for your mortgage payment (inside ratio).  Your outside ratio is usually around 42%, and that includes all your debt payments.  So, your student loan, credit card payments, mortgage, car payments, etc. all have to be less then $1,505 per month.  They'll use your credit report to get these numbers.  \n\nSo, that's how much they'll let you get.  \n\nNow, there are a lot of ways to finance a home.  Depending on your down payment (if any), your credit score, the quality of the home (can it pass FHA standards--no pealing paint, generally in good condition, etc.), and the type of loan you get, your actual payment may really vary quite a bit.  There are a lot of good programs today that can get the job done for people in about any situation.  Maybe the low interest rate because you're a teacher will be the best move to make.  Maybe a variable-interest rate is the way to go.  There are interest-only loans, direct investor loans, FHA loans, ARMs, etc.  Your loan officer is going to have a lot of ideas about how to get things done.\n\nI would recommend that you talk to a mortgage broker, rather than a banker first.  They'll have more options than a bank, and their motivation is to find a good fit for you.  If you are a member of a credit union, they are usually better than the banks as well.\n\nFor me, I believe that your home will generally appreciate over time, plus you get your interest paid as a tax writeoff.  It's generally a better idea to purchase a home than pay rent, even if you pay 20% more for the mortgage.  The way to make that work in your monthly budget is to check with an online service (irs.gov, turbotax.com, etc.) and find out what your taxes will be with and without your interest writeoff.  Then, make sure your witholdings match what you're actually going to have to pay.  That way you actually get enough in your paycheck to pay the extra for the mortgage, if that's the situation.\n\nFeel free to contact me via Yahoo! Answers if you have any followup questions (Email is generally better than IM).  Good luck.
277163
It depends how long the rate stays fixed, and on the type of loan that you are talking, it is either differed interest, or an interest only and it could change in 1 month or 1 year.  It is pretty broad.\n\nCall me at (614) 825 1907 and we can talk more.\n\nTim Kazee
645501
If you pay 1/4 of your payment weekly, you will pay your loan off faster. There are 12 months in a year, so in a year you would have made 12 monthly payments Let's say your payments are $400 per month. On a monthly payment basis you would pay $4800 per year. If you you paid $100 per week you would have paid $5200 (52 weeks X $100)\n\nA better idea is to make additional complete monthly payments, ahead of schedule. Always send in one payment at a time, because some banks have different policies about double payments.  If you make one additional payment a year, you get two good results. \n\nFirst, you save on interest, because the faster you pay the loan off the less interest you pay. \n\nSecond, you protect your credit rating. If you have paid your payments ahead, and something happens where you are late on a payment, you are still actually on time or early.
1042747
Call my friend Gary Coleman over at 800 Cash Call.  He'll put $10,000.00 in your checking account in less than 24 hours.  Payments???  About $200.00 a month.  Even you could afford that!  Make the call, get the cash.... tell the credit card people to take a hike, you have money!
860571
Yes if you pay monthly rent or mortgage payment then that is the amount you would use.
16707
Yes, go here and use one of the calculators offered...\n\nhttp://mortgages.interest.com/content/calculators/index.asp
913295
Easy, as much as you can afford!, \n\nAt the minimum I would suggest no less than 25% but the more you put on, the less interest you will pay in the long run and you will be mortgage free years ahead of schedule!\n\nWhen we brought our first house we put every cent of savings we had on to the deposit (dont be fooled going for the minimum payment, it adds thousands to the interest!)\nwe also went for the shorter term (25 years instead of 30) to help force us to pay it off quicker (you can always re-mortgage if you get in the poo).\nAnd then we proceeded to put 50% of our income on it for the first 3 years, we have now lowered our payments as we are traveling and renting the house out, but once we return we will put the payments back up.
44320
Assuming you can pay it off in a lump sum, what would the cost be?  I.E.  Is that money just sitting, or is it invested and what is the return on that investment?\n\nIf you are talking about taking money from a savings account to pay it off, a savings account that is somewhat set asside for retire use, maybe the real question should be, is it time to move?\n\nIf it is, due to retirement, fixing up the house should be top priority, and investigating what you can get to replace it.\n\nIf you do decide to move, the mortgage will be paid off once you sell, and so paying it off is rather irrelevant if you have a quick sale.\n\nIf you are staying forever, really depends on your interest rate, and what you are getting in a return with your invested funds (assuming they are invested).  I know a friend had a rate of 2.75% FEMA loan and he thought he would be more secure paying it off.  He was getting 5.14 on his invested (SECURE) savings account.  Of course HE should not pay it off, because he was making more money by paying on the mortgage.  It all depends on your situation.  Let's assume your investment is a wash with your interest payments.  Having liquid capital is always better than having to go out and get a loan when money is needed.  First, the loan may take a lot of time, 2nd the loan may cost you fees, and 3rd, waiting for the loan could cost you the opportunity that you needed the money for.  The old saying, CASH is KING seems to come to mind here.\n\nOn the other hand, if you are paying 7.14%, while your invested funds are earning you only 2.14--you are losing money without a doubt.  And if you have a 2nd mortgage at even higher rates, need I repeat?\n\nMaybe, you are saying you are going to be able to draw on retirement funds (penalty/tax free) in the very near future.  If this is the case, and again the funds are not outproducing the interest costs, clearly, pay off the mortgage.\n\nHope this helps...
753543
I'd say the most important thing is to get any outstanding debts paid off first if you can.  That will then obviously reduce your total monthy payments and then may give you a change to get a mortgage with less monthly payments or one for more money.
779041
Refinance and pay off debt and get additional money from your equity.\n\nCall my motgage guy, Glenn Silvera compedative rates has done 3 loans for my family..  office 561 683 9168  or  \nCell 561 309 5539, he hates when I give that out hahahahahaaa\n\nAt the very least you should call him and laugh then hang up!!!!\n\nDo It!!! \n\nIm evil...
130100
PMI is evil. Don't pay it. It is a forced insurance that is way overpriced. Do an 80-10. There is a slightly higher rate on the last 10%, but it is a competitive rate. The PMI is nothing you get to shop around for and therefore can't get a good rate.\n\nAsk your loan officer, or mortgage broker or whomever you are using to give you a good faith estimate for both. You will find the 80-10 is much better.\n\nPMI is evil. Not convinced yet? lets say you pay it off 5% and the house increases by 10% in that time. Should be a cinch to get the PMI removed right? 75% LTV ratio. WRONG, they will not remove it without a fight that usually consists of paying for it for quite a while. Just don't get it in the first place!