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11-26-2008, 05:36 PM
| | Junior Member | | Join Date: Nov 2008
Posts: 4
| | | Anyone know how to calculate paying down a 10 yr.int. only mortgage
What is the name of your state (only U.S. law)? NJ
Hi, does anyone know if there is an online calculator I can use to figure out what I can expect my monthly payments will be if I send extra towards principal?
It's probably something somebody who is a math wiz can do on his or her own, unfortunately, I aint one.
For instance, my mortgage is a 30 yr. fixed rate 6.125% 10 yr. int. only, $170,000 & I'd like to be able to figure out what my payments would be if I sent $200.00 a month towards principal.
This way I can figure out if it's worth my while to refinance with a 30 yr. fixed rate of 6.5%
it would also be nice if I could figure out how much if each month I sent what I could.
Sorry if this reads like jibberish but it's the best I can do.
Thank You & safe & Happy Holidays Everyone. |
11-26-2008, 06:07 PM
| | Member | | Join Date: Sep 2008 Location: Rockford, IL
Posts: 131
| | | Google "mortgage calculator" and "interest only mortgage calculator". Lots to choose from.
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Constantly choosing the lesser of two evils is still choosing evil.
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11-30-2008, 01:46 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote:
Originally Posted by jigrig  What is the name of your state (only U.S. law)? NJ
Hi, does anyone know if there is an online calculator I can use to figure out what I can expect my monthly payments will be if I send extra towards principal?
It's probably something somebody who is a math wiz can do on his or her own, unfortunately, I aint one.
For instance, my mortgage is a 30 yr. fixed rate 6.125% 10 yr. int. only, $170,000 & I'd like to be able to figure out what my payments would be if I sent $200.00 a month towards principal.
This way I can figure out if it's worth my while to refinance with a 30 yr. fixed rate of 6.5%
it would also be nice if I could figure out how much if each month I sent what I could.
Sorry if this reads like jibberish but it's the best I can do.
Thank You & safe & Happy Holidays Everyone. |
**A: a mortgage person could do this free for you. There are many of them with extra time to help you. | |
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