Q: Dear Dr. Don,
I have a 20-year mortgage on my house and make roughly an extra payment a year. How many years am I really knocking of my mortgage? My loan was for $220,000 at 5.625%.
– John Juncture
Dear John,
If you’re a regular reader of this column, you know I’m not a big fan of biweekly mortgages. I don’t see the need when you can do it yourself and save by making additional principal payments on your existing mortgage.
Making the equivalent of an additional mortgage payment each year gets you roughly to the same point as you’d be with a biweekly mortgage. You can figure it out for yourself by using the amortization feature on Bankrate’s mortgage payment calculator.
I used the calculator for your mortgage and, if you’ve been faithful about making that additional payment every [...]
Princton|Plainsboroh Hospital
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