The finance charge on my mortgage loan is 3.875%. The loan is scheduled to be paid off in 24.5 years
I currently owe $97,000. I went to an every other week payment schedule 6 months ago, and add $100 to each payment(towards the principal); that way 13 full payments are made each year
If in addition to those additional principal payments I've been making, how much time will I shave off the life of the loan if I make a one time $10,000 lump sum payment this month?
Read more: How will paying ahead affect the life of my mortgage loan?
