robbie3982
Ideal_Rock
- Joined
- Jun 28, 2006
- Messages
- 3,960
I found some sites that show the amoritization of your loan and the difference that making extra payments can make, but what I want to do is a bit more complicated than any of the calculators I''ve been able to find seem to be capable of.
Right now, I pay extra each month on our mortgage so that we''ll end up making a bit over 1 and 1/3 extra mortgage payments per year (the reason for the odd extra amount is that I originally wasn''t thinking clearly and divided our full monthly payment, which includes our PMI and taxes, by 12 and when I realized my mistake I figured, hey, if we can pay it, why not?). By paying this much extra per month, we''ll end up paying off the mortgage 7 years early and we''ll save almost $60k over the life of the loan in interest. We''ll also save over $7k in PMI because we''ll hit 20% LTV 4 years earlier.
What I want to figure out is how much we''ll save in years and $ if we add what we pay in PMI to our extra principle payment once PMI drops off. At first I thought I''d just change the amount & length of the loan to what it would be when PMI drops off and then change the extra payment amount and add the length of this new calculation to how long it took us to get to the point where PMI dropped off, but I think that would be off because the amoritization would be off, right?
Ack, I''m getting confused
Right now, I pay extra each month on our mortgage so that we''ll end up making a bit over 1 and 1/3 extra mortgage payments per year (the reason for the odd extra amount is that I originally wasn''t thinking clearly and divided our full monthly payment, which includes our PMI and taxes, by 12 and when I realized my mistake I figured, hey, if we can pay it, why not?). By paying this much extra per month, we''ll end up paying off the mortgage 7 years early and we''ll save almost $60k over the life of the loan in interest. We''ll also save over $7k in PMI because we''ll hit 20% LTV 4 years earlier.
What I want to figure out is how much we''ll save in years and $ if we add what we pay in PMI to our extra principle payment once PMI drops off. At first I thought I''d just change the amount & length of the loan to what it would be when PMI drops off and then change the extra payment amount and add the length of this new calculation to how long it took us to get to the point where PMI dropped off, but I think that would be off because the amoritization would be off, right?
Ack, I''m getting confused