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What or how would you pay a $95,000.00 dollar home off in 15 years?

Unless I was to win the lottery...lol Thanks!

Answer Question
 
Anonymous

Asked by Anonymous at 9:57 PM on Apr. 29, 2009 in Home & Garden

Answers (11)
  • Pay something extra every month or as often as you can with a separate payment to go directly to the principle. Not only will this help you pay your mortgage off years earlier, it will also cut thousands of dollars off the total amount of interest you will pay over the life of your loan.

    BlessedMommy64

    Answer by BlessedMommy64 at 10:11 PM on Apr. 29, 2009

  • if you make a 13th payment every year, you will pay it off in about half the time. unless you've held the mortgage a time time and are paying quite a lot in principle now, you may consider refinancing to a 15 year mortgage, as they offer a lower interest rate.
    teri4lance

    Answer by teri4lance at 10:20 PM on Apr. 29, 2009

  • We TRY and make 13 payments a year (this year we might not, since bonuses were cut), like teri4lance said. We also take any extra money we have and make "principal only" payments. The more you pay down the principal, the less interest you will pay on the principal, and so the less time it will take to pay. Its really a great time to refinance, so if you can- refinance and then continue to pay the higher amount, even an extra $100 onto principal every month can make a BIG difference.

    LuminousMom

    Answer by LuminousMom at 11:39 PM on Apr. 29, 2009

  • Wow, 95k in 15 years is nothing!
    Anonymous

    Answer by Anonymous at 12:17 AM on Apr. 30, 2009

  • Yep, make an extra payment a year. Simply send in a little extra (1/12th of one payment) each month. Be sure to state that it is extra PRINCIPAL If you don't they will credit it to your next payment, which doesn't have the same effect.

    Also, some mortgage compaines will "help" you do this by putting you on an automatic payment plan (they take the money right out of your bank account). Usually, they put you on a plan that takes the money every other week so you end up paying 13 payments a year instead of 12. BUT - and here's the catch - they CHARGE you a fee for this nice service. You are more than capable of writing your own dang check for a large amount than needed and sending it in for free. Don't fall for the "helpful" bonus payment scheme.
    kaycee14

    Answer by kaycee14 at 12:46 AM on Apr. 30, 2009

  • I bought a house for 85,000 and with mortgage payments of 600 a month. I paid them 800 and that brought us down a whole bunch.
    Momma_Halo

    Answer by Momma_Halo at 1:56 AM on Apr. 30, 2009

  • Lol quit- its making my head hurt:)
    kylesboo

    Answer by kylesboo at 12:09 PM on Apr. 30, 2009

  • Just be sure if you every make an extra payment or send it more that you tell the mortgage company you want the extra put towards the principal, otherwise they will simply use it for interest!
    Mom2Jack04

    Answer by Mom2Jack04 at 11:09 PM on Apr. 30, 2009

  • I believe that if you can make the extra payment (13th) payment earlier in the year, you save even more mortgage interest, and apply it to the principle, your mortgage would drop even faster, but be sure and ask the bank. Your mort. company can do a amortization chart for you based on your payoff and for the amount of time you suggest. :)
    lifeasinoit

    Answer by lifeasinoit at 10:58 AM on May. 1, 2009

  • Where do you live that homes are so inexpensive?
    rkoloms

    Answer by rkoloms at 1:42 PM on May. 3, 2009

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