I owe 116,000 and its not paid off till 2018. If I right now pay 20,000 on
my interest how much time does that knock off.
Is it like just divided the 20k by the payment about and that knocks off
that many years. Or better than that>
Payment is 1,350..

On 2008-01-21 07:57:22 -0600, "David" usit.net> said:

Well, if you socked in another 20K it would go toward the principal,
not the interest. I can't find my local mortgage interest calculator
on my computer, but I know they exist on the web. Find one and plug in
the figures for doing nothing, and then do it again with 20K less
principal. Keep the payment constant and you'll see when it's over and
how much interest you'll save.

"David" usit.net> wrote in message
news:13p9968p01tkl64@corp.supernews.com...
|I owe 116,000 and its not paid off till 2018. If I right now pay 20,000
on
| my interest how much time does that knock off.
| Is it like just divided the 20k by the payment about and that knocks off
| that many years. Or better than that>
| Payment is 1,350..

What's you interest rate?

|
|

Loan Type: Conventional Residential without MI
Account Status: ACTIVE
Date Originated: 7/30/2003
Maturity Date: 8/1/2018
Interest Rate: 4.875 %%

On Mon, 21 Jan 2008 19:29:43 -0600, "David" usit.net> wrote:

There are generalities that may or may not apply to your case. You
can check those out using a mortgage calculator that you can find at a
million sites on the web. The real answers are going to come from
your lender. Call them and ask what your specific options are. Listen
very carefully and don't do anything until you are certain you
understand what you are doing.

"David" usit.net> wrote in message
news:13pahoh122m2sea@corp.supernews.com...
|
| > What's you interest rate?
|
| Loan Type: Conventional Residential without MI
| Account Status: ACTIVE
| Date Originated: 7/30/2003
| Maturity Date: 8/1/2018
| Interest Rate: 4.875 %%

(1) Don't pay on the interest, if you do you are only deferring your
interest to the future and there is no tax advantage.
You can write off your interest on your home mortgage and would only be
decreasing your tax write off amount which is a disadvantage.

(2) If you insist on paying the finance company company the $20,000.00 pay
it on the principle of the loan. This would decrease your overall interest
rate because the owed balence is lower. You are not paying interest monthly
on the price of the mortgage but on the owed balence.
Disadvantage: You are decreasing you tax writeoff at the end of the year.

"David Moffitt" weaselstomping.org> wrote in message
news:13paloaln4j17eb@corp.supernews.com...

I do realize the tax advantage.. I have the wife quitting work syndrome.
Wife has worked a long time. Now @ 52 and she is ready to kick back.
This is the only reason I'm looking to get this paid off in a few years...

Thank you guys for the information.. NEXT QUESTION...I need some insight on.

Daughter is coming to Graduate School in Nashville to Tenn State. Now Sr.
at Miss State
Her choices are Memphis and Nashville. Getting in Physical Therapy. Where
is a good location to stay. Somewhere SAFE
and located sort of close. What is the thinking on this..

I use to live in Nashville in 1980. I use to run a bar called Shenangians @
West End and Murphy Rd. Damn that was fun days.
I use to bartend, I meet this honey in a tight pair jeans she was fine
looking. A student at Vandy.. Well I married her that was 26 years ago.

I really don't remember much about Tenn State... Just better that Memphis
State I think.
Where is the best area to stay ect ect..

Thanks
David
raveATusit.net swap the AT with @

"David" usit.net> wrote in message
news:13par958ja0kt34@corp.supernews.com...
|
| I do realize the tax advantage.. I have the wife quitting work syndrome.
| Wife has worked a long time. Now @ 52 and she is ready to kick back.
| This is the only reason I'm looking to get this paid off in a few years...
|
| Thank you guys for the information.. NEXT QUESTION...I need some insight
on.
|
| Daughter is coming to Graduate School in Nashville to Tenn State. Now Sr.
| at Miss State
| Her choices are Memphis and Nashville. Getting in Physical Therapy. Where
| is a good location to stay. Somewhere SAFE
| and located sort of close. What is the thinking on this..
|
| I use to live in Nashville in 1980. I use to run a bar called Shenangians
@
| West End and Murphy Rd. Damn that was fun days.
| I use to bartend, I meet this honey in a tight pair jeans she was fine ...

"Olin" comcast.net> wrote in message
news:lZOdnZBuXqkA-AjanZ2dnUVZ_qGknZ2d@comcast.com...
|
| "David Moffitt" weaselstomping.org> wrote in message
| news:13paloaln4j17eb@corp.supernews.com...
| >
| > "David" usit.net> wrote in message
| > news:13pahoh122m2sea@corp.supernews.com...
| > |
| > | > What's you interest rate?
| > |
| > | Loan Type: Conventional Residential without MI
| > | Account Status: ACTIVE
| > | Date Originated: 7/30/2003
| > | Maturity Date: 8/1/2018
| > | Interest Rate: 4.875 %%
| >
| >
| > (1) Don't pay on the interest, if you do you are only deferring your
| > interest to the future and there is no tax advantage. ...