# Calculate Mortgage Payment Refinance

Q: I have been using a system recommended by "ERA Answers", a publication for home buyers put out by ERA Real Estate, to pay off my mortgage early. For a 30 year mortgage, the book says to pay the regular P&I payment the first year the 2nd year you pay the P&I payment + 3% the 3rd year you pay the ( P&I payment + 3%) + 3% and so on Supposedly, your 30 year mortgage is paid off in "about 1/2 the time". The trouble is, I have no idea how to actually calculate this out to see the payoff schedule. I don't want to get to the 14th year and see that it looks like there are really 3 or 4 more years to go. If the "system" works, my 30 year mortgage that I got in 1997 should be paid off in 2012, or about 10.5 years from now. Also, we're probably going to refinance to a 15-year mortgage at a lower interest rate. I'd like to go on an accelerated payment plan with the new mortgage and am thinking that for the ERA system to work, I'll have to add 6% more per year instead of 3%. In any event, I'd like more new mortgage to be paid off by at least 2012. Does anyone have a clue how to do this math?