Financial whiz's: Can you pls tell me how long it will take me to pay the rest of my mortgage? - how long do you take off for strep throat
We have a loan of $ 450,000 over 30 years. The interest rate is currently 5.59% (for this exercise are to stay for the duration of the loan)
We are 3 years after the beginning of the loan. We paid the mortgage up to $ 392,000.
Refunds are made every two weeks.
If we in the week in the amount of $ 1600, how long until the loan is repaid?
Thank you!
Tuesday, January 12, 2010
How Long Do You Take Off For Strep Throat Financial Whiz's: Can You Pls Tell Me How Long It Will Take Me To Pay The Rest Of My Mortgage?
2 comments:
You need $ 392,000 for a loan in the amount of 5.59% for 27 years. You pay $ 1600 every two weeks, which means that the total annual payments $ 41,600 or $ 3466.67 per month.
If your payments are credited monthly, the loan will be paid in May 2022. If you are a true biweekly mortgage a little earlier.
If you use Yahoo search for "Amortization mortgage is simulating" a number of sites that you think that such problems can be solved.
You should not have a financial genius to answer your question. Take a look at Google or Yahoo for the loan calculator. Many of them also show you the advantage by extra money for your payments and how it affects the overall premium volume and the time equations.
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