BiggerPockets

Is this supposed to be a trick question?

Have you been paying more than the annuity payment for the loan?

quick..what's the number for 911?

Mitch -

You lost me at the end. Can you explain how you got from 30 - 5 all the way to 25 in a single step? Some of us need to see the intermediate steps to really understand how the math works.

And what if the interest rate were 8%. Is there a formula for that one as well, or it that answer unknowable?

Let me put this into Excel and see what I get...

How long does it really take? It takes 30 years to pay off your 30 year mortgage, whether you are 5 years in or 29 years in. That is if you make only the minimum payment due, if it is a full PI payment. If you want to find out how many payments you have left, then subtract how many years in you are from how long the loan was at the beginning.

Wow, you're good! Everything really is so much easier to understand when put in terms of bacon...

I love the Mayan calendar reference. Hilarious. Do most of you guys do 15-year mortgages on properties that have very good cash flow? I know the benefits of a 15-year mortgage, but do you prefer having the flexibility of the lower payment that the 30-year offers?

Yeah, it was Tango-Uniform for a few minutes earlier this evening. Usually happens when I'm about to post something brilliant, which fortunately isn't too often. :mrgreen:

Thank everyone, I was just wanting to get everyone involved here. The answer is it really only takes 5 minute. You just write a big check enough to pay off a 30 years mortgage. Call your lender, ask for the balance, and write a big check to pay off. yes, it's 30 year mortgage, but does it really needs 30 years, probably not. Just like others who did seller financing. They walk the mortgage to a better house and the house they have will be free and clear.

Just a thought!!!

I am confused. If you are going to write a big check, why even get a 30 years mortgage, why not just buy cash and you have no 30 years mortgage?

Just a thought!!!!