Paying off a mortgage early?

If you double up on your payments you would actually cut your loan time down to less than 1/2. you would be putting that extra payment each month towards the principal which takes away that extra interest.

Read your mortgage agreement carefully and make sure that you don't have a pre-pay penalty. Older mortgage contracts may still have that clause...

If indeed there is no pre-payment penalty then talk to your lender and tell them that you are paying a certain amount extra each month, with a different check, and that this amount is to be applied directly to the principal. This the fastest way to get your mortgage length reduced since the specified amount has to be applied to the principal, which makes the principal shrink faster and in turn forces them to apply the excess interest paid to be applied towards the principal too.

Make sure that they acknowledge that this extra payment is to be applied to the principal only... otherwise they will leave it in the escrow account and it just sits there until you are done paying off the mortgage at which point they would have to send you a check for the overpayment that could have reduced years on paying off the mortgage.

Get everything confirmed in writing. The exact amount you are "overpaying" and how they will apply this towards the principal.

With double payments you would cut your time in half and maybe even a little more. I paid off a 20 year mortage in 15 years just by making an extra $100 payment a month.

Congratulations. Paying off a home mortgage is a great thing. By doubling your payment you should be paid in full in less than 4 years.

I agree with Reena, do make sure that there are no pre pay penalties should you pay your mortgage early. Call your Lender and let them know what your planing on doing so they can assure you of your contract agreements, better safe than sorry.

one thing that I like to do is go to www.countrywide.com amort schedule. THis is one of the best I have ever found.

Go to this link and fill in the blanks, it will tell you the answer.

Best of luck

It's entirely possible but I don't know for sure.