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Tue Jun 23, 2020, 05:39 PM

Updated: thanks, solved! ... equation to calculate shortening mortgage using the remaining balance?

I realize itís a complicated question and that I might have to call my credit union. Thanks you folks.

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Reply Updated: thanks, solved! ... equation to calculate shortening mortgage using the remaining balance? (Original post)
mahina Jun 23 OP
Fresh_Start Jun 23 #1
mahina Jun 23 #3
Sentath Jun 23 #2
mahina Jun 23 #7
soothsayer Jun 23 #4
soothsayer Jun 23 #6
mahina Jun 23 #8
soothsayer Jun 23 #13
mahina Jun 23 #11
Caliman73 Jun 23 #5
DonaldsRump Jun 23 #9
mahina Jun 23 #10
SWBTATTReg Jun 23 #12
soothsayer Jun 23 #14
gibraltar72 Jun 23 #15

Response to mahina (Original post)

Tue Jun 23, 2020, 05:42 PM

1. are you looking for the payoff amount for a single payment?

or are you looking for how much faster the loan will be retired if you pay an additional xx per month?

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Response to Fresh_Start (Reply #1)

Tue Jun 23, 2020, 05:44 PM

3. The second.

Thanks.

There are heaps of calculators that assume its a new loan, but so far, none Iíve found for others.

Mahalo.

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Response to Sentath (Reply #2)

Tue Jun 23, 2020, 05:49 PM

7. So far it's no go but thanks.

Iíve entered my balance and rate info a few times and keep getting to the hey! Refinance! Part. Not doing that again.

Mahalo though

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Response to soothsayer (Reply #4)

Tue Jun 23, 2020, 05:48 PM

6. "Payoff calculator" is the term you need

Thereís lots

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Response to soothsayer (Reply #6)

Tue Jun 23, 2020, 05:54 PM

8. Magic words!

Got it. Thanks heaps and heaps!

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Response to mahina (Reply #8)

Tue Jun 23, 2020, 06:10 PM

13. Yay!

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Response to soothsayer (Reply #4)

Tue Jun 23, 2020, 05:56 PM

11. That's the ticket

Mahalo nui~

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Response to mahina (Original post)

Tue Jun 23, 2020, 05:47 PM

5. I am by no means, an expert.

I would look at the amortization schedule and see how much is going to interest and principal.

Here is a mortgage calculator

https://www.mortgagecalculator.org/

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Response to Caliman73 (Reply #5)

Tue Jun 23, 2020, 05:54 PM

9. I second this

You can have loads of fun with a mortgage calculator. It is amazing what paying even a little extra per month or making additional payments each year can do to the length of a mortgage. Generally speaking, excess payments are applied to the principal, and that's what makes additional or early payments shorten the term of a mortgage. These mortgage calculators are great to quantify the savings you might realize, allowing you to play with many scenarios.

Or so I've been told.

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Response to Caliman73 (Reply #5)

Tue Jun 23, 2020, 05:54 PM

10. Thanks :)

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Response to mahina (Original post)

Tue Jun 23, 2020, 06:10 PM

12. Also, make sure that your balance w/ the credit union, is available for early payoffs, etc.

Most mortgage loans are, but some are not (available for early payoffs) and may penalize you. Of course when you call the CU, you can find out all.

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Response to SWBTATTReg (Reply #12)

Tue Jun 23, 2020, 06:11 PM

14. True dat

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Response to mahina (Original post)

Tue Jun 23, 2020, 07:25 PM

15. I used to show my clients how fast a mortgage gets paid up

if you make a 2nd monthly payment when you make your first. Or if you then make an extra payment a year. Some were dumbfounded what a difference it made.

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