How long would it take me to pay off my mortgage early?
494588
That all depends on your financial situation, long-term goals, interest rate, etc...\n\nHere are some considerations:\n\n1) Your house is a LIABILITY - unless it puts money IN your pocket, it's a liability.  It's an asset on the BANK's balance sheet.  Tax write offs...sure, but look at how much interest you'll pay over the course of the loan.  Figure that you'll basically pay double for the loan.  If you can pay it off in 20 years vs 30, you'll save thousands in interest.  If you invested that into a mutual fund, real estate (rental property or buy/flip), you'd stand to make a lot more than a write off.\n\n2)  What's your overall debt situation?  Do you have lots of credit cards, loans, dept store cards, etc...?  If you can make the mortgage payments, and you have a lot of cc debt, it may make more sense to pay off the higher interest rate debt first.  \n\nConsult with a financial expert / tax expert etc... for specific advice.\n\nI would also point you to "Smart Women / Couples Finish Rich", by David Bach.  They are two books.  Great advice on money.\n\nI wish you Peace.
170321
There are a few ways to have your mortgage paid off, none that are easy or worthwhile imho.  For instance, many insurance policies will pay out for permanent disability by picking up your mortgage payments.  Of course, the permanent disability would be a downside and you know it would be contested by very expensive lawyers.
415650
Not necessarily.  The amortization, or repayment, schedule on a mortgage loan can be of differing lengths (e.g., 30 years, 15 years, 10 years, etc.).  It is possible that by refinancing, you would chose a term of the loan equal to the remaining term of your existing loan, and thereby not start over.  One of the reasons to refinance is to take advantage of interest rates that may be lower than your current interest rate.  So it is possible to refinance, get a lower interest rate, but the term of the loan (the time over which you will repay the loan) will not change from your original loan - and it is possible that because you are paying less interest because of the lower rate, that saved money could actually be used to prepay principal, and thus allow you to pay the loan earlier than you otherwise would have.
51705
Paying off a mortgage is the equivalent of "investing" at your mortgage interest rate, so it will save you money in the long run and is generally a good idea if you have no other use for the money (such as paying off credit card debt or expenses).\n\nIf you need to access the money you paid in, you can generally get a home equity line of credit (HELOC) on your home for free.  You can then reborrow the money you put into your house at that interest rate (which normally fluctuates).  You can check out current rates at http://www.bankrate.com.
1117821
Excellent question. Hopefully it is a 15 year fixed.  That being said, your mortgage on a 15 year note is comprised of P.I.T.I. if you did not put up 20%. If you did, then it is only P. (principal) and I. (interest). When you pay extra towards the principal, the interest is lowered. TO get a calculator for this, go to Dave Ramsey's website. See below. GO through Financial Peace University while you are at it.
812162
Yes you will have to pay. It is not your primary residence. However, you could defer the taxes through a 1031 exchange and purchase a similar property and not pay taxes right away. This probably won't help you because you want to pay down your mortgage though.
834889
Depending on how long you have had the loan I would say probably never. This because most lenders calculate the interest portion of you payment using the rule of 78's. Simply put this means that most of your payments in the first year are going to interest not to principle.  Ask the lender what the payoff number is and you should be able to determine how they have treated yor loan.
706514
First the bad news.  Your scores are way low and what really hurts more than anything is the late payments on your mortgage. So even with the low scores, the late payments on the mortgage  hurts you the most. The other thing that could hurt you also, is when you paid off your credit cards, you closed the accounts as well.  If you paid them off and kept them open, this is a good sign.\n\nNow the slightly good news. Even with your scores you could possibly get a home mortgage, but only with a subprime lender and you would get very high rates. Now if you are buying another home and keeping your current home you will have to put down at least 10-20%, but only if they allow you to buy another home. And even if you are going to sell your current home in order to buy another home, with your scores, you will have to put money down anyway. \n\nBut the best advice I have is wait a year so you can have 12 months of on time payments; this will raise your scores. Also if you closed those credit card accounts, see if they will reopen them and if they do, use them and pay them off every month; this will also raise your scores.\n\nLenders want to lend their money, but they don't want to lend to people who are late on any secured loans, especially HOME loans. Most people will tell you to wait at least 3 years or more to get your credit scores up.  But being that I worked in the mortgage business before I was pregnant (which was last year) and I helped people to raise their credit scores, you only really need one year of on time payments to get a subprime loan. But if you're going for a prime loan, wait at least 3-4 years of on time payments and please stay on your job as well. The more job time with the same employer, the better.  It shows stability!\n\nRight now your middles score is a 567\nSo here are some Credit Score Goals below.\n\nSubPrime: 580 middle score\nPrime: 680 middle score\nBest Interest Rates: Over 720 middle score\n\nHope this helps!
248629
Your total monthly housing payment (including taxes and mortgage and insurance) should be about 1/3 of your take home pay.  So, you can figure your mortgage by what that payment amount would equate to!\n\n:-)
571258
it will take just over 11 years to pay it off without interest. with interest it should take you about 21-22 years to pay off hope i helped x
554511
That depends on if the bank you got your loan through will penalize you if you pay it off faster- sadly a lot of banks do that. Try calling the bank, explain you have a loan through them, and ask them if you can pay extra on your principle amount each month. If they say yes, then when you write your check for the payments, make sure to include an extra note which says, "Please apply any extra amount to my principle".\n\nIt also matters on how big your payments are- how much you can afford to pay per month.
690553
That would depend on how long you are planning on keeping the house and/or the mortgage. Most people refinance about every 5 years but that may change with the interest rates going higher. I could contact a mortgage company.
1116087
Consult a local mortgage broker.  Check your yellow pages and make an appointment with a loan officer.  Each individual's situation is different and there are a lot of variables affecting the loan process.  Only a detailed look at your credit history, employment, assests, and the home itself can get you approved for a home loan.\n\nBut...even if you get it, why would you pay it off in the spring?  I assume you plan on a lump sum of cash coming from somewhere, but KEEP IT!  Use the mortgage to your advantage (tax benefits) and put that cash into something more profitable.
237710
I have 5 years experience in mortgage and Real Estate.. you can do whatever you want with your property, remember the longer you hold on to it, the more it appreciates.  When it comes to paying off debt, you need to consider a few things: \n\n1) if you consolidate your debt, you may be able to deduct it on your taxes (consult a tax accountant beforehand).\n\n2) or you can just refinance, get a better rate, and use your savings to pay off your exsisting debt.  Especially with the interest only loans available, they can reduce your mortgage payment considerably.  (you need to consult with a TX licensed mortgage broker for those options). \n\nThe last option is nice because it doesn't eat away at any of your equity.\n\nHope this helps..
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...
295967
Another simple way to address this is to get a normal mortgage (fixed/30yr) and make certain that there are NO PREPAYMENT PENALTIES.\n As long as you make the monthly payments, you can pay it off at your speed.
1098047
If you are serious about this question - then you may not like the answer.  You will have to live with high interest until you prove that you are a trustful debtor.  I say this from experience.  Even with collateral you will still have to probably pay high interest rates.  But - on the good side - in about 6 months to a year, if you are consistently making your payments on time, you can possibly refinance - depending on who you are lending through.