how can i take years off my mortgage without refinancing.i have a fixed mortgage 25 years APR 10%?

The purchase price was $80,000

11 Answers

Relevance
  • Anonymous
    1 decade ago
    Best Answer

    get the FHA financing....you'll get 6.875 or 7% right now for a 30yr fixed....paying 10% is throwing money away EVEN if you make those extra payments

  • Anonymous
    1 decade ago

    If you have a FIXED APR of 10%, you need to refinance. Even if you have lousy credit. Even if you need to roll closing costs into the principal. Get a lower rate! Then, pay a full mortgage payment every four weeks, rather than every calendar month. You are then making 13 payments a month and will shave years off your loan and save interest as well. Make sure the extra payment is mark to reflect that is is to pay down the principal.

  • 1 decade ago

    Make extra payments each year will cut a few years off of the mortgage. I paid extra on my car payment each month and paid off my car 7 months early, it'll work the same with a mortgage.

  • 1 decade ago

    Pay 1/2 the mortgage every two weeks. That will give you 13 full payments a year instead of 12 and really cut down on the life.

    The other option is to pay extra principle every month.

    You may want to reconsider paying it off. It's the only interest you can deduct from your taxes.

  • How do you think about the answers? You can sign in to vote the answer.
  • 1 decade ago

    At your current interest rate, it makes sense to refinance to get that rate down much lower. Current rates for good credit on mortgages is 6.5% or lower. Then you will save money on the interest rate, and can still follow the program of making additional payments to shorten the life of the new mortgage.

  • 1 decade ago

    I know you said w/o refi, but you should probably refinance. 10% is high. You will save a lot of money if you can refi around 6 to7%.

    Then you can get a 15 or 20 year mortgage, and/or start paying an extra payment per year.

  • Anonymous
    1 decade ago

    Just one extra payment per year can take 5-7 years off your note. Good luck.

  • Judy
    Lv 7
    1 decade ago

    If you pay extra each month, or make an extra payment several times, it will shorten the loan time.

  • 1 decade ago

    Why not refinance? You have a terrible interest rate! Go to daveramsey.com. You could call him on his radio show and get all kinds of good answers.

  • 1 decade ago

    Make extra payments.

    Really curious as to what you bought for only $80K

Still have questions? Get your answers by asking now.