Question:
“I’d like to pay an extra $500/mo on my mortgage to pay it off sooner. How much sooner will that pay it off?”
Answer:
Congratulations. That’s a great idea and I’m glad to hear you can afford to do so.
To answer your question, I’d have to know your loan balance, interest rate, when you took out your loan.
With that information, then I’d have to either be Rain Man or go to a website like this:
http://mortgage-x.com/calculators/extra_payments.asp
So I recommend you visit that or a similar site and plug in your numbers to find out how quickly that extra $500 (or any amount) will help you pay off your mortgage.
