Home & Garden

June 21, 2008

Extra toward mortgage pays off

Q: I own a home. In 2004, I refinanced and got a $200,000, 15-year loan at 5.25 percent. For one year I paid an extra $500 per month. I now owe $125,000. I am still paying 1/12 of the payment each month. I am not sure how many years I have left at this point due to all of my prepayments. I want to pay the house off in the next five years. How much do I need to add to my monthly payment in order to pay off the house in that time frame? Also, do lenders allow biweekly programs? I just send in payments twice a month.

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