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BunnieDeLancey: 1 year ago

I have a mortgage of 51000.00 with a 20 year payout. How much extra do I need to apply to principal yearly to pay off in 10 years

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Answer 1

JosePHATTY: 1 year ago

You would need to add an extra $ 210.10 to your monthly pay up installments if you want to pay in 10 years instead of 20 years. Assuming the interest rate is 2.75 %, in order to pay for 10 years, you'll need to pay monthly installments of $ 486.60 for a principal mortgage amount of $5100.00. For 20 years pay up period, the monthly installments would be $ 276.50. You can use this link for a mortgage calculator http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx?MSA=&MSA=.

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Answer 2

Jerneo: 1 year ago

IF You pay 6% interest, and it stays the same for the duration...
A 51,000 USD loan paid over 20 years will be payments of 366 USD a month...

Assuming the above is true...

And you paid out the loan in 10 years instead 20
An additional ~200 USD a month would completely pay off the loan in 10 years...
Making your payments 566 USD a month

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