Your Questions About How To Pay Off Mortgage In 2 Years

John asks…

How to pay off your mortgage in 2 years – did it surprise anyone that no one did it?

Been watching the follow up programs to how to pay off your mortgage in 2 years, and was really surprised that none of them managed to do it. I was wondering if anyone else watched this and if anyone’s been trying it themselves?

richmama answers:

Win the lotto you can pay it off in a day then

Helen asks…

If you have a 30 year mortgage and pay 2 extra payments per year, how many years will it take to pay off?

are there benefit’s in making 2 extra payment’s as opposed to one?

richmama answers:

I started buying a home when I first turned 18 and double up my payments like that by working 2 jobs crazy OT, weekend jobs I’m now 29 No Home Payments If you can afford to do it then do it Good Luck and God Bless

Lisa asks…

How much would a $2,995,000 house come out for monthly mortgage payments to be paid off in 6 years?

richmama answers:

Depends on the down payment and the interest rate. A house up in that price range will need at the very least 30 % down payments which is $898,500, so the loan amount would be around $2,096,500 and the interest if you have good income and great credit will be at least 6.5% over 6 years would be $35,242.02 per month plus the taxes and the home owners insurance, tax on that in California would be $ 31,197 per year $15,598 twice a year. Let me know if you need any futher help.

Carol asks…

How best to get a mortgage of $200k over 15years with an addition $50k over just 2 years?

I have some investments maturing in about 2 years time. So it probably makes sense to borrow 50k$ for 2 years in addition to the mortgage. Would it be better to add this load onto my 15 year mortgage and pay it off after 2 years and meanwhile get mortgage tax relief for take a short term on a low APR of about 3% or would I be better off taking a loan for 2 years on say a 6% APR. I guess the key thing is the early redemption fees are on mortgages. Would other loan types be interesting – can you get a separate mortgage for 2 years interest only?

richmama answers:

If you have an investment that matures in 2 years, then you probably have some money coming your way at that time. Therefore I can’t understand why you want to borrow another $50K?

As a general rule, you cannot add that extra $50K to your 15 year first loan, unless it is a line of credit. You cannot get a short term loan for only a 3% interest rate. Yes you can get a short term second loan, but expect the interest rate to be 10% or higher.

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