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How fast will this prepayment retire my mortgage?

Q: I have a mortgage of $150,000 @ 4.5% for 30 years for one year now. If I pay $1000 extra off principal every month, how soon will I have this mortgage paid off? A: You should download HSH.com's Homebuyer's Calculator Suite to run the calculations you'll need for this (or any other) prepayment scenario you might wish. To answer your question: At the 13th month of your loan, if you start adding an additional $1,000 towards reducing the principal, you will end up with a 113 month total loan term, or just about 9.5 years.

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Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
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