15 year conventional loan questions??

foofoodar · #1 (**permalink**) 08-14-2008, 12:55 PM

I posted on here a few months back about my finances and budget, and I don't believe I'm doing to bad, but now I have some mortgage questions.

I just bought a Condo, I close in 2 weeks, I'm 26 and this will be my first home. I will now live only 4.4 miles from work instead of 30!

So My Loan amount for the condo is $103,000. My father gifted me 20%, which leaves me with a loan amount of $82,400.

My question is, since its a 15 year loan, I refused to get a 30 year loan, what can I do to pay this off even sooner, obviously I can't throw every penny I have at it, but I'm just looking for ideas. Right now my payment is right around $724.00 a month.

Thanks!

terry16844 · #2 (**permalink**) 08-18-2008, 02:31 PM

when you have extra cash apply it too the main part of your loan. This will save you money on intrest and pay your loan down faster.

sharon333 · #3 (**permalink**) 10-27-2008, 04:30 PM

That is a great point. I try to do that when I can.

saros · #4 (**permalink**) 10-29-2008, 11:39 PM

Generally, when you have a home loan you can put extra payments in to pay it off faster.

littleroc02us · #5 (**permalink**) 03-23-2009, 05:36 PM

Yes, apply the extra to the principle. There is usually an blank for that on your receipt payment.

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