I have taken an equity loan for 300 months with an interest rate of 8.24% and making a monthly payment of $197.07. Along with making the monthly payment I am also wanting to pay this off as early as possible by paying $400-500 monthly on the principal. How can I calculate how long this will take to pay off by paying this amount on the principal and is it better to pay on the principal weekly, bi-weekly or monthly. Thank you in advance for your responses!
What is the best way to pay off an equity loan?
The calculator above is great. On the other hand you will be able to knock that loan out in no time paying $400-$500, you are going to save so much money in interest.
Since you can afford the payments and are able to pay it off. I think you did a great job by being able to use the equity in your home. Being able to make extra payments is even better. Interest rates are low and if you can get a good interest rate loan to get you through these times. Good for you!
Reply:You picked a bad time for an equity loan. I would reconsider the loan and pay it all off now. What could you possible need the money for that you have to place your home at risk, and that will cost you double over 25 years.
calculate here
http://www.hsh.com/calc-amort.html
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