6. How much cheaper is your mortgage if you pay it off bi-weekly instead of monthly?...
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6. How much cheaper is your mortgage if you pay it off bi-weekly instead of monthly? (You will need to click on "Create a personalized report" and the amortization table will show you your total payments over the term of the mortgage.) I 7. What kind of lump sum payments could you make annually if you want to pay off your mortgage in 15 years? $900K $750k $600k $450k $300k $150k $0 Years 1 Amortization schedule Years Year 1 Year 2 Year 3 Year 4 2 3 4 5 6 7 8 Yoar 5 Payments made $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61.544.36 9 10 11 12 13 14 15 16 Interest paid $35,074.50 $34,008.12 $32,898.75 $31,744.71 $30,544.19 Principal paid $26,469.86 $27,536.24 $28,645.61 $29,799.65 $31,000.17 11 17 18 19 20 21 Balance $873,530.16 $845,993.94 $817,348.35 $787,548.72 $756,548.57 22 Years Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Totals Payments made $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36- $52,004.08 $1,344,435.72 Interest paid $29,295.24 $27,996.04 $26,644.45 $25,238.45 $23,775.73 $22,254.21 $20,671.32 $19,024.66 $17,311.67 $15,529.68 $13,675.86 $11,747.38 $9,741.23 $7,654.20 $5,483.14 $3,224.58 $897.09 $444,435.20 Principal paid $32,249.12 $33,548.32 $34,899.91 $36,305.91 $37,768.63 $39,290.15 $40,873.04 $42,519.70 $44,232.69 $46,014.68 $47,868.50 $49,796.98 $51,803.13 $53,890.16 $56,061.22 $58,319.78 $51,106.99 $900,000.52 Balance $724,299.47 $690,751.17 $655,851.28 $619,545.39 $581,776.78 $542,486.65 $501,613.63 $459,093.95 $414,861.28 $368,846.62 $320,978.14 $271,181.18 $219,378.07 $165,487.93 $109,426.73 $51,106.97 $0.00 $0.00 6. How much cheaper is your mortgage if you pay it off bi-weekly instead of monthly? (You will need to click on "Create a personalized report" and the amortization table will show you your total payments over the term of the mortgage.) I 7. What kind of lump sum payments could you make annually if you want to pay off your mortgage in 15 years? $900K $750k $600k $450k $300k $150k $0 Years 1 Amortization schedule Years Year 1 Year 2 Year 3 Year 4 2 3 4 5 6 7 8 Yoar 5 Payments made $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61.544.36 9 10 11 12 13 14 15 16 Interest paid $35,074.50 $34,008.12 $32,898.75 $31,744.71 $30,544.19 Principal paid $26,469.86 $27,536.24 $28,645.61 $29,799.65 $31,000.17 11 17 18 19 20 21 Balance $873,530.16 $845,993.94 $817,348.35 $787,548.72 $756,548.57 22 Years Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Totals Payments made $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36 $61,544.36- $52,004.08 $1,344,435.72 Interest paid $29,295.24 $27,996.04 $26,644.45 $25,238.45 $23,775.73 $22,254.21 $20,671.32 $19,024.66 $17,311.67 $15,529.68 $13,675.86 $11,747.38 $9,741.23 $7,654.20 $5,483.14 $3,224.58 $897.09 $444,435.20 Principal paid $32,249.12 $33,548.32 $34,899.91 $36,305.91 $37,768.63 $39,290.15 $40,873.04 $42,519.70 $44,232.69 $46,014.68 $47,868.50 $49,796.98 $51,803.13 $53,890.16 $56,061.22 $58,319.78 $51,106.99 $900,000.52 Balance $724,299.47 $690,751.17 $655,851.28 $619,545.39 $581,776.78 $542,486.65 $501,613.63 $459,093.95 $414,861.28 $368,846.62 $320,978.14 $271,181.18 $219,378.07 $165,487.93 $109,426.73 $51,106.97 $0.00 $0.00
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Related Book For
Applied Regression Analysis and Other Multivariable Methods
ISBN: 978-1285051086
5th edition
Authors: David G. Kleinbaum, Lawrence L. Kupper, Azhar Nizam, Eli S. Rosenberg
Posted Date:
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