I have a mortgage of 227.000,financed at 6.158% on 25 years and would like to find out if i paid 6000.00 directly to the principal how many months would it knock the loan down ? and how much would have to be paid toward the principal to knock off 5 years
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I entered the figures you provided into an online amortization calculator. Applying $6000 to principle would knock off 17 payments. To knock off 60 payments (5 years) from where you currently stand at $227,000, you'd need to apply about $22395 to principle. Here's the calculator I used. http://www.yona.com/loan/
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