Pay Off Mortgage Early

If I have 160,000 and the regular payment is 1600/month (including insurance) how long would it take to have paid? I got the loan of 30 years 8 years ago. Should I pay early?

It depends on your financial situation, interest rates on long-term goals, etc. ..

Here are some considerations:

1) Your house is a liability - unless it puts money in your pocket, it is a liability. It is an asset on the balance sheet of the bank. Tax write-offs ... True, but look how much interest you will pay over the term of the loan. Figure that you essentially pay twice for the loan. If you can pay in 20 years vs 30, you'll save thousands of interest. If you invested in a mutual fund, real estate (rental or purchase of goods / paper), you would likely do much more than a raft.

2) What is your overall debt situation? Do you have many credit cards, loans, department store cards, etc. ..? If you can make the mortgage payments, and you have a lot of cc debt, it may be wiser to pay down debt higher interest rates first.

Consult a financial expert tax consultant / etc. .. for specific advice.

I would also like to point to "Smart Women / Couples Finish Rich" by David Bach. These are two books. Valuable advice on money.

I wish you peace.

requesdt a statement of your loan, he will detail where you are now, you've been paying interest and do for about 15-20 years More Furst and very little capital, a means of payment is early to repay the principal with a little more each month, which is absolutely never hurts mconsult your lender about how to do this, use a calculator online and see what is to your advantage, pay all the cards credit and other debts first, except Loanda student. Mortgages have traditionally been the lowest interest rates

Watch the creation of an amortization table with optional cash payments against the principle. You'll build your participation. If you are currently paying $ 1600/month add an additional $ 100 payment and you will be free soon.

BUT ... If you have debts, credit cards or loans (students or car) than first. Even if you increase your payment by a few dollars each month, you will create a good habit. Once the increase becomes painless to add.

Try to pay much at first. That b $ for use elsewhere.
Some say pay all, but what about tax benefits, radiation? Others say that the payment of debt house is good, while payment by credit card bad debt, etc.

It depends on your personal situation, but you've probably been thinking of refinancing, because what you are paying too much now. Make or allow yourself to make good personal financial plan. With this blueprint, you can make decisions based on facts.

go to this site. http://www.clarkhoward.com

I want to pay the principal and it would reduce the number of years that you have to pay. I know how much you're paying for one year of insurance by it in one payment. Pay is sometimes better than having to worry about paying