• 100% Satisfaction Guarantee
Category: Finance
Satisfied Customers: 1174
52656303

# how can i pay off a 30 year term mortgage with 23 years remaining

### Resolved Question:

how can i pay off a 30 year term mortgage with 23 years remaining at 6.75%
Submitted: 4 years ago.
Category: Finance
Expert:  unvadim replied 4 years ago.

Hi

Customer:

can you provide more details on your question?

Customer:

such as?

do you need a program ? or what answer are you looking for?

Customer:

not neccesarily a program. i need idea or formula to accelerate my mortgage to shorten the term

Customer:

are you there?

yes..... one sec

Customer:

ok

whats the sum of the mortgage?

Customer:

The balance due is 460000

hmm probably you will have to increase your monthly payment from aprox 2983 to 3286

thats not considering any addional charges.

Customer:

my monthly payments are 3406.35 now

hmm in that case I think you got the wrong section to post this question, this the programming section...

you will need probably the legal or finance section of the website

Customer:

why

in my opinion this is not a question which typicaly you would get answers in this section.

Customer:

ok can u refer me

ok, I will redirect your question to proper category..

Category: Finance
Satisfied Customers: 1174
Experience:
Expert:  DanielleCPA replied 4 years ago.

How fast are you looking to pay off this mortgage?

Customer: replied 4 years ago.
ideally 5 years
Expert:  DanielleCPA replied 4 years ago.
And what was the original amount of your loan?
Customer: replied 4 years ago.
464,000
Expert:  DanielleCPA replied 4 years ago.
To payoff the mortgage in approximately you five years, you will need to pay an additional \$5650 (approximate) in principal each month.
Customer: replied 4 years ago.
i have been told that there are ways to pay down your mortgage in 5-7 years without increasing the payments. Making payments at certain times in the month to avoid paying the high interest that is accrued monthly is also another concept. In addition to by weekly payments. The are man strategic ways and mathematical concepts that can be applied to figure this out. i was hoping that as a finance expert you may be able to figure ths out.
Expert:  DanielleCPA replied 4 years ago.

There is no legitimate way to pay off your mortgage within 6 to 7 years without drastically increasing your monthly payments. Anyone who tells you otherwise is probably scamming you or at least trying to sell you something.

However, you can shave 5 to 7 years off your mortgage by doing a couple of things. If you switch to biweekly payments (not all banks offer them), this would be like making 13 mortgage payments a year. Also, because you paying more often, then less interest would be charged on a monthly basis. Alternatively, you can make just one extra mortgage payment a year with similar results.

Also, 6.75% is a really high interest rate in today's market. I don't know if you looked into refinancing (maybe a 25 year loan since you have 23 years left). You could probably refinance at 5% or lower (rates are in the upper 4% right now). Of course, you will generally need to have some equity in your home, which I know in today's market is not likely the case. Refinancing at a lower rate will reduce your monthly payment and you can continue to pay your current payment so more is going to principal. If you qualify, this may be your best option.

Customer: replied 4 years ago.
If i pay my credit card before a certain date i ca
n avoid interest charge s isn't there some type of concept that would work with mortgage payments
Expert:  DanielleCPA replied 4 years ago.

No, mortgages aren't structured in the same way as credit cards.

On a credit card, you can avoid interest before a certain date because you are paying off the balance and therefore are not carrying a balance on which to accrue interest.

With a mortgage, there is always still an outstanding balance on which to accrue interest until the mortgage is completely paid off.

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

### What Customers are Saying:

• I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Previous | Next >
• I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
• I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
• Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
• Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
• Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
• This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
• Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA

### Meet The Experts:

#### Satisfied Customers:

2489
Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
< Last | Next >

#### Satisfied Customers:

2489
Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

### Megan C

#### Satisfied Customers:

2210
Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

### Manal Elkhoshkhany

#### Satisfied Customers:

1905
More than 5000 online tutoring sessions.

### JKCPA

#### Satisfied Customers:

843
Bachelors degree and CPA with Accounting experience.

### Eric

#### Satisfied Customers:

559
Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

### R. Klein, EA

#### Satisfied Customers:

480
TurboTax Expert. QuickBooks Certified Pro Advisor