[fireant911]

My amortization calculator is on my other computer but you can do what you are asking. For example, a $150K loan, at 5% interest for 20 years equates to a monthly payment of $989.93. Compare this to a $150K loan, at 5% interest for 30 years requires a monthly payment of $805.23. The difference in the two monthly payments is ($989.93-$805.23) $184.70. If you finance the $150K at 5% for 30 years AND make an extra $184.70 payment to principle every month, you have essentially paid off a 30-year mortgage in 20 years. Of course, this approach takes much discipline and every month you delay starting these extra payments moves the target and will require extra money to get you back on the 20-year goal track.

My experience: we paid off our first home in 3 years and 4 months using a suped-up version this approach. We had a 15 year mortgage and included extra principle payments (doubled/tripled/qradupled payments). It works!!!