Prepaying your mortgage can be a great way to save a bundle of extra cash over time. Doing so not only saves in interest cost but builds equity faster and also shortens the term of your loan, so you'll own your home free and clear much sooner.
HSH's free, downloadable Homebuyer's Calculator Suite allows for regular or irregular prepayments of principal, and will show you the effect your extra effort will have on your total loan costs and term.
Is there a calculator to show the savings from prepaying my mortgage?
Recommended Reading
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Are reverse mortgage interest rates fixed or variable?
If you are a homeowner age 62 or older and have equity in your home, you may be considering a reverse mortgage as a way to boost your retirement income. -
Can I get forbearance for my mortgage?
The answer is "possibly." -
Haven't paid HOA fees. They are suing me. Can they foreclose?
It depends on the language of your HOA's bylaws. They may have the right to "foreclose" on your property, but it is more likely they will place a lien against your home. -
Can I refinance with an LTV above 80 percent?
The short answer is "yes," you can get a loan in excess of 80 percent loan to value (LTV) in a refinance transaction. -
Living on investment income. Can we refinance our Jumbo mortgage?
Have you talked to your investment advisor (if you have one)? Some firms will make mortgages for clients with different rules than those you'll find in the open market.
