I have a 40 year fixed rate mortgage of 538k. The monthly payment is 3200 per month. The interest rate is 6.75

I have a 40 year fixed rate mortage. Welp, really a 30 year mortgage amortized over 40 years with a lump sum due in 30. We are 2 years into this mortgage. The interest rate is 6.75%. My questio is if my wife and I made one principal only payment of 3200 per year over the next 28 years how long would it take us to pay off this loan??

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  • 1 decade ago
    Favorite Answer

    You will payoff the entire loan in 30 years and 3 months.

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  • 1 decade ago

    at 6.75% an interest only loan would have a payment of 3,026.25 a interest and principal loan would pay 3,489.46 the number 3,200 is not equal to any of these equations making me think you have an interest only with PMI loan if this is true you will save more money getting rid of the PMI and if you want to save more money wait untill the LTV gets lower ( below80%) and refinance at 6% with principal and interest payments. I think you need to learn more about your loan before you do something but what I would do is make 2 payments every month one on the 15th and another on the 30th lowering your interest and saving you over 15% on the life of the loan this plus the additional payment and you are lowering your rate and term to 15 years. also look into thatas an option

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  • Anonymous
    1 decade ago

    I come up with approximately 29.27 years. If you're interested in paying off your mortgage, I believe there is a better and more efficient way of accomplishing this goal. I know of people paying off their mortgage in as little as 8 to 15 years and that's without refinancing and without making any significant changes to their budgets. Log onto: www.mortgageinsidersecret.com and watch the demo.

    Let me know if you have any other questions.

    All the best!

    Ryan Smith

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  • Anonymous
    1 decade ago

    you have to ask mortg co. to print out a mortg monthly schedule because as the payment is in progress the principal portion of the monthly payment is keep on increasing. and the outstanding balance keep on decreasing.

    principal portion of monthly payment for the first month is $463.21, this amount will keep on increasing and the outstanding balance of the mortg will keep on decreasing, the decrease will be faster because of annual pre-payment.

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  • Anonymous
    1 decade ago

    You will be around the 30 year mark, give or take a few months either way.

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  • 1 decade ago

    living the dream are we? I think you need to relax.

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  • KitKat
    Lv 6
    1 decade ago

    Ask your bank.

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