I have a thirty year mortgage , that i am six years into . I owe 268,225.58.
I want to payoff the mortgage in 10 to 15 years . I want to know how to go by doing this without refinancing.
It is actually easy to do this. All you have to do is regularly send in enough additional money in your payment and that will reduce the loan balance faster. Because the loan will be paid of years early you’ll also save tons of interest as well.
Here is at least one online calculator that can show you how much of an additional monthly payment you’d need to make to hit your target date.
Just remember, when using the calculator you can only use that part of your current mortgage payment that is for principal and interest for your current payment. Don’t add in the part that is for taxes and insurance if that is escrowed by your mortgage company.
You can probably also call your current mortgage company and customer service may be able to help you with a payoff date if you can tell them how much you want to pay additionally each month.
Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.