Hello, I have a question regarding early payoff of mortgages, and the
payments.
If I have a mortgage (110k) and monthly computed interest and
principle payments are
(briefly) shown on this amortization schedule..
Due Date Int. Princ. Def.Int.
Pr-Def Int Outstanding
4/01/2008 $610.36 $102.02 $0.00
$110,453.33 $110,453.33
05/01/2008 $609.79 $102.59 $0.00
$110,350.74 $110,350.74
06/01/2008 $609.23 $103.15 $0.00
$110,247.59 $110,247.59
07/01/2008 $608.66 $103.72 $0.00
$110,143.87 $110,143.87
08/01/2008 $608.09 $104.29 $0.00
$110,039.58 $110,039.58
09/01/2008 $607.51 $104.87 $0.00
$109,934.71 $109,934.71
10/01/2008 $606.93 $105.45 $0.00
$109,829.26 $109,829.26
11/01/2008 $606.35 $106.03 $0.00
$109,723.23 $109,723.23
12/01/2008 $605.76 $106.62 $0.00
$109,616.61 $109,616.61
If on 4/01 I were to pay the $610.36 + 102.02 (int and principle due)
PLUS make an
additional principle-only payment of 624.07 (sum total of 05/08 up to
and including 10/08 principle
payments), doesn't this effectively knock 6 months off my mortgage and
accelerate this
amortization schedule so that I am pretty much, on 05/08, making the
payment that I would
have made on 11/08?
Am I reading this right, that I can knock six months off my mortgage
right now for $624?
Thanks for any help,
Mike
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