"Russ" <russ[at]russ.net> wrote in message
news:a586d8cf.0312050716.51dd63c5[at]posting.google.com...
- quote -

What do paying taxes have to do with paying down your mortgage? (Other than
it's money you don't have available to pay down your mortgage, of course.)
In case it matters, these taxes don't exist where I live, but my property
taxes are about double yours, even though my property has a lesser assessed
value.

Elizabeth Richardson

In article <a586d8cf.0312050716.51dd63c5[at]posting.google.com> , Russ
<russ[at]russ.net> wrote:

- quote -

It is still going to take you a while to get to 80% LTV even if you
up your extra principal payments. The best way to speed this up
is to make a lump sum payment to get to that 80% value. Call you
lender and see how much they would need. If you have had this loan
for over a year, you may be able to get a new appraisal that places
a higher value on your home (assuming that home values are going up
in your area). This will reduce the amount of money you need to get
to the 80% level.

If you don't have a few thousand dollars laying around, then check
with your local bank or credit union about getting a home equity
loan. If you have good credit, you can get them with no up front
cost, no closing cost, and a 5% or so interest rate. Take out
enough funds to pay down your mortgage to the 80% level. You will
end up with a little higher payments now, but your mortgage will
end years sooner due to the lump sum payment. And you will have
an extra $43 a month from the PMI to pay the H/E loan.

-john-

--
================================================== ==================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ==================

I'm trying to get my PMI ($43/mo) removed asap, and also try to get my
loan paid down as quick as possible so I finally have some equity.
Here's what my current stats look like. As you can see, I'm paying an
extra $50.94 in principal each month, which isn't much. I'm thinking
of upping this. Is $1600/yr high for school tax and $1000 for water
(MUD) tax? Is there anywhere that I can make improvements? My
property is valued at around $130,000 and I supposedly have 86% LTV
(loan-to-value) so I can't get my PMI removed yet. Any suggestions?

12/04/2003 School Tax Pmt $1,604.56- $0.00 $0.00 $1,604.56- $0.00
$108,444.08
12/04/2003 Principal Pmt $50.94 $50.94 $0.00 $0.00 $0.00
$108,444.08
12/04/2003 Payment $1,235.90 $131.29 $509.19 $595.42 $0.00
$108,495.02
11/14/2003 Mtg Ins Pmt $43.58- $0.00 $0.00 $43.58- $0.00
$108,626.31
11/04/2003 Principal Pmt $50.94 $50.94 $0.00 $0.00 $0.00
$108,626.31
11/04/2003 Payment $1,235.90 $130.44 $510.04 $595.42 $0.00
$108,677.25
10/09/2003 Mtg Ins Pmt $43.58- $0.00 $0.00 $43.58- $0.00
$108,807.69
10/06/2003 Principal Pmt $50.94 $50.94 $0.00 $0.00 $0.00
$108,807.69
10/06/2003 Payment $1,235.90 $129.60 $510.88 $595.42 $0.00
$108,858.63
09/11/2003 Mtg Ins Pmt $43.58- $0.00 $0.00 $43.58- $0.00
$108,988.23
09/04/2003 Principal Pmt $50.94 $50.94 $0.00 $0.00 $0.00
$108,988.23
09/04/2003 Payment $1,235.90 $128.76 $511.72 $595.42 $0.00
$109,039.17
08/15/2003 Mtg Ins Pmt $43.58- $0.00 $0.00 $43.58- $0.00
$109,167.93
08/04/2003 Principal Pmt $50.94 $50.94 $0.00 $0.00 $0.00
$109,167.93
08/04/2003 Payment $1,235.90 $127.92 $512.56 $595.42 $0.00
$109,218.87
07/22/2003 Mtg Ins Pmt $43.58- $0.00 $0.00 $43.58- $0.00
$109,346.79
07/21/2003 Hazard Ins Pmt $1,153.00- $0.00 $0.00 $1,153.00- $0.00
$109,346.79
07/07/2003 Principal Pmt $50.94 $50.94 $0.00 $0.00 $0.00
$109,346.79
07/07/2003 Payment $1,235.90 $127.08 $513.40 $595.42 $0.00
$109,397.73
06/26/2003 Mtg Ins Pmt $43.58- $0.00 $0.00 $43.58- $0.00
$109,524.81
06/04/2003 Principal Pmt $50.94 $50.94 $0.00 $0.00 $0.00
$109,524.81
06/04/2003 Payment $1,235.90 $126.25 $514.23 $595.42 $0.00
$109,575.75
05/27/2003 Mtg Ins Pmt $43.58- $0.00 $0.00 $43.58- $0.00
$109,702.00
05/05/2003 Principal Pmt $50.94 $50.94 $0.00 $0.00 $0.00
$109,702.00
05/05/2003 Payment $1,011.06 $125.43 $515.05 $370.58 $0.00
$109,752.94
04/14/2003 Mtg Ins Pmt $43.58- $0.00 $0.00 $43.58- $0.00
$109,878.37
04/04/2003 Principal Pmt $50.94 $50.94 $0.00 $0.00 $0.00
$109,878.37
04/04/2003 Payment $1,011.06 $124.60 $515.88 $370.58 $0.00
$109,929.31
03/14/2003 Mtg Ins Pmt $43.58- $0.00 $0.00 $43.58- $0.00
$110,053.91
03/04/2003 Principal Pmt $50.94 $50.94 $0.00 $0.00 $0.00
$110,053.91
03/04/2003 Payment $1,011.06 $123.78 $516.70 $370.58 $0.00
$110,104.85
02/21/2003 Mtg Ins Pmt $43.58- $0.00 $0.00 $43.58- $0.00
$110,228.63
02/04/2003 Principal Pmt $50.94 $50.94 $0.00 $0.00 $0.00
$110,228.63
02/04/2003 Payment $1,011.06 $122.97 $517.51 $370.58 $0.00
$110,279.57
01/14/2003 Mtg Ins Pmt $43.58- $0.00 $0.00 $43.58- $0.00
$110,402.54
01/06/2003 Principal Pmt $50.94 $50.94 $0.00 $0.00 $0.00
$110,402.54
01/06/2003 Payment $1,011.06 $122.16 $518.32 $370.58 $0.00
$110,453.48
12/18/2002 Mtg Ins Pmt $43.58- $0.00 $0.00 $43.58- $0.00
$110,575.64
12/12/2002 Water (MUD/PUD) $1,029.10- $0.00 $0.00 $1,029.10- $0.00
$110,575.64
12/09/2002 County Tax Pmt $838.74- $0.00 $0.00 $838.74- $0.00
$110,575.64
12/06/2002 School Tax Pmt $1,528.66- $0.00 $0.00 $1,528.66- $0.00
$110,575.64