How do I accelerate payments on a 30-year fixed mortgage?

Answer Results of Extra PaymentsNote that one extra payment made per year, every year on a 30-year fixed mortgage reduces the term of the debt by seven years. If two extra payments are made per year, the ... Read More »

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Should You Take a 20-Year Fixed Mortgage or a 30-Year Fixed Mortgage?

One of the fun things about computers is playing with programs like Paint. You can use the tools in Paint to add something to a different document. The Paint program can help you make new image fil... Read More »

Should I Get a 30-Year Fixed Rate Mortgage or a 20-Year?

Landscaping interests most homeowners, but not everyone has extra time to dedicate to finicky flowers and aggressive shrubs. If you want color in your yard throughout the year without dedicating ho... Read More »

What is the formula used to determine monthly payments for a 30-year mortgage?

The formula for determining monthly payments on a 30-year mortgage is M*A/(1-(1+M)^-360) where M is the monthly interest rate expressed as a decimal, A equals the amount you borrowed. "360" is used... Read More »

What Difference Does a Tenth of a Point Make for a 30 Year Fixed Mortgage?

One-tenth of a percentage point can mean the difference between thousands of dollars over a 30-year fixed mortgage. Using the U.S. Census Bureau's median home price of $216,700, you can save close ... Read More »