A. Thanks for writing. We ran a couple of scenarios, not knowing what the dollar amount of your loan would be. But if it’s a 30-year, fixed-rate loan we figure you could have it paid off in nine or 10 years.

If you go to our payment calculator you can calculate exactly how long it would take. Fill in the "mortgage amount," "mortgage term" and "interest rate" and when your loan began. Then, in the area directly below labeled "Extra Payments," put in the additional amount you plan to pay each month. Then hit "show amortization table" and scroll down to see the results.

We might also suggest that you consider a 10-year or 15-year mortgage. On a 15-year you might save a quarter-point or more on your interest rate, and on a 10-year mortgage you could probably save close to a point. This could result in considerable savings in interest payments. The only downside we can think of is that if you get a 10- or 15-year mortgage you are obligated to make those larger payments, whereas making voluntary extra payments would get you off the hook should your financial circumstances change.

Try some different numbers on the calculator and see which one works best for you.

Q. I read with interest your article on closing costs. As it turns out we were about to make a bid on a condo for our daughter. I did as you recommended, and negotiated with the seller to pay 3% of the sales price in closing costs. Lo and behold on the day of closing we were informed that the lender had reduced the amount by one-third?!?!? This move was completely unexplained. Now we are stuck, after the fact, trying to get the seller to cut us a check for the balance. What can we do?

A. Legally, there‘s nothing you can do. Once you signed the mortgage documents you “agreed” to his “counter-offer” about the closing costs. Had you been willing to stop everything right there and refuse to close the deal unless he paid what he had agreed to pay, you might have gotten the extra money.

But it’s very hard to walk away from a closing and very few people are willing to do that. The attitude is to normally bite the bullet. You have our sympathy and remember you did get the seller to pay part of your closing costs.

Have a question about your finances? Ask us at editors@interest.com.

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