How Long Would It Take Me To Pay Off My House?

1. Steve D Says

   Call your bank and have them run an amortization schedule for the 10 year period using bi-monthly payments. However, based on $160K balance, 6% annual interest, your bi-monthly P&I payments would be about $1100…you would have to add in the escrow account contributions which, based on your info are about $150/month, so bi-monthly, if you paid approximately $1175 ($2350/month), you would pay your escrow and accelerate the payments enough to pay off in 10 years.
   Since the bank has your exact data, it would be better to talk to your mortgage officer.
   Another thing you might try is to see about refinancing the house with a 10-year mortgage. Rates are lower now (about 4% for a 30 year mortgage) and shorter loans usually carry lower interest, so you might be able to get a 10 year mortgage for say 3.75%, which also will save you a lot of money. Doing a rough calculation, a 10-year mortgage at 3.75% would give you a P&I payment of $1600 – a lot lower than the $2200 you might have top pay under an accelerated plan.

2. MarcapPu Says

   This is something you will need to ask your bank, as there may be penalties, etc. involved with paying off your mortgage early.

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