Author Topic: Easy mortgage payment calculator?  (Read 1926 times)

BoulderTC

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Easy mortgage payment calculator?
« on: August 16, 2013, 11:01:56 AM »
Hi all, I've been lurking here a while and finally decided to join the conversation. The posters here are too smart/knowledgeable to not take advantage of this great resource!

My husband and I will be finishing our student loans next month (YAY!) and deciding where our next dollar will go when we have about $3k extra per month (that we were previously putting toward the loans). There are lots of options that we're currently weighing, and one of the options is to pay the mortgage off early. I might post another thread once all the math is done to see if you all have any opinions, but for now I'm wondering...

Does anyone have a simple spreadsheet or equation where we can put in our particulars to learn how much earlier our mortgage could be repaid and how much interest we'd save over the long term by putting extra principal payments down?

Thanks so much in advance!

brandino29

  • Bristles
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Re: Easy mortgage payment calculator?
« Reply #1 on: August 16, 2013, 11:06:09 AM »
http://www.fool.com/calcs/calculators.htm

Check out "How advantageous are extra payments?" under the Home section.

BoulderTC

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  • Posts: 60
Re: Easy mortgage payment calculator?
« Reply #2 on: August 16, 2013, 11:16:21 AM »
Perfect! That is a great website. Thank you so much! I knew the MMM community would have the answer. :)

dorkus619

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  • Posts: 162
  • Location: MD
    • SimplyBex
Re: Easy mortgage payment calculator?
« Reply #3 on: August 16, 2013, 02:21:21 PM »
Is this calculator effective if your only debt is your primary home mortgage?

What about the fact that my home is in a shitty neighborhood and worth $70k? I paid $135k, I currently owe $127k @ 4.5%