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Have you checked out HSH's new Home Value Tracker? See what's happening with home values in more than 400 metro areas!

Have you checked out HSH's new Home Value Tracker? See what's happening with home values in more than 400 metro areas!

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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