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When we bought our current home we arranged to pay an extra $100/mo against the principal and our monthly mortgage payment is $1200, that means we are making 13 payments every calander year.
When we were setting it all up my realtor told me how many months the mortgage would actually be paid off in but I have forgotten what he said. Does anyone have the formula so that I can figure it out again?
It's a standard 30 year contract with a fixed rate. Any help would be appreciated.
We have been playing with the calculator on bankrate: http://www.bankrate.com/calculators/home-equity/additional-mortgage-payment-calculator.aspx
@Anonymous wrote:We have been playing with the calculator on bankrate: http://www.bankrate.com/calculators/home-equity/additional-mortgage-payment-calculator.aspx
Great calculator. I have played with this a bit myself.
Thanks a lot for the tip, it looks like it will give me the answer I'm looking for.