I want to cut my mortgage years in half. Do I dbl my payment or do you have a better suggestion?

November 20, 2015
A mortgage on $7260 at 7.99% interest. calculate this over 10 years =$13,060? I want to cut the years in half. Do I dbl my payment or do you have a better suggestion?

Advisor answers

Visit http://mycalculators.com and enter the mortgage amount, interest, and term. View the amortization schedule for your mortgage. This will give you a break down of principal, and interest for each month of the entire term of the loan. Print this schedule. Each month you should pay your regularly mortgage payment plus the next month's principal payment. If you do this for the entire term of the loan, it will cut the number of years in half.

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