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I make one extra monthly mortgage payment every twelve months

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jackg
Established Contributor

I make one extra monthly mortgage payment every twelve months

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.

FICO scores on November 17, 2014 (prior to applying for and being approved my mortgage)

EX=738
EQ=735
TU=754

FICO scores on March 4, 2015 after being approved for mortgage and buying the home, the mortgage isn't yet reporting.
EX- 689 EQ- 739 TU- 739
Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: I make one extra monthly mortgage payment every twelve months

We have been playing with the calculator on bankrate:  http://www.bankrate.com/calculators/home-equity/additional-mortgage-payment-calculator.aspx

 

 

Message 2 of 4
CS800
Super Contributor

Re: I make one extra monthly mortgage payment every twelve months


@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.




Message 3 of 4
jackg
Established Contributor

Re: I make one extra monthly mortgage payment every twelve months

Thanks a lot for the tip, it looks like it will give me the answer I'm looking for.

FICO scores on November 17, 2014 (prior to applying for and being approved my mortgage)

EX=738
EQ=735
TU=754

FICO scores on March 4, 2015 after being approved for mortgage and buying the home, the mortgage isn't yet reporting.
EX- 689 EQ- 739 TU- 739
Message 4 of 4
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