X

The Fed cut made no change to rates today, but is September still "in play"? See our review of The latest move by the Federal Reserve and what it means for mortgages and more.

The Fed cut made no change to rates today, but is September still "in play"? See our review of The latest move by the Federal Reserve and what it means for mortgages and more.

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.

Ask the expert
Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
Please enter a question.
Please enter name.
Please enter email.
Captcha code invalid
Q: Does mortgage insurance assist the survivors of a deceased policy holder?
APR 08, 2025
A:

Credit life insurance is sold to homeowners as a means to pay off the mortgage in the event of the death of the homeowner.

Read More
Q: I don't have a Social Security number. Can I get a mortgage?
MAR 31, 2025
A:

Fannie Mae states they do back loans for borrowers who have no Social Security number.

Read More
Q: Will I pay an ACA/ObamaCare tax when I sell my home?
JAN 17, 2025
A:

Some homeowners will pay this 3.8 percent tax when they sell their homes, but only if they meet certain conditions.

Read More