Need a Mortgage pre-payment and bi-weekly payment function!?

I just bought my first home and I want to pay it off by the time I turn 30 years old. I’m 20 and I make 30K a year. My husband does as well. I want to pay an extra $50 monthly and $5500 yearly towards the mortgage. And I want to do this while making bi-weekly payments for principal/interest/prepayment total. The calculators I have used so far only do 2 out of 3 of the functions I want. And I cut the loan down to about 13 years that way. I know that a calculator doing all three will really knock that time down. I want a calculator that will do all three because I’m ready to pay this off and start on my next property. Can I do this myself? Please help!
So anyone who answers knows…I closed on my mortgage with 6.625% for 30 years fixed. I don’t need a reccomendation… I would like a solution to my problem. Thanks!

I’d like to commend you for taking control of your finances at such a young age. You’ll definitely succeed if you keep it up.

Regarding bi-weekly payments – I wouldn’t come to any conclusions yet – check first with your lender. Just because you send a payment in every two weeks doesn’t necessarily mean the lender will credit your principal every two weeks. They aren’t required to – many will simply apply all money received for the month once that month.

Also, keep in mind that you don’t have to pay off your mortgage before you invest in your next property. I borrowed on a home equity line against my primary residence to help buy a couple more properties. When the other properties went up in value and I could get a second on one of the investment properties, I used that to pay down my home equity line. Using leverage can help you tremendously, but you have to be careful – I’d never borrow so much that it would create a negative cash flow on the rental properties.

Anyway, even without a bi-weekly payment scenario, as you’ve discovered you can still pay down the loan pretty quickly with extra monthly principal payments. So proceed cautiously, and good luck.

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