A $400,000 mortgage amortized over 25 years with monthly payments at an interest rate of 6% compounded semi-annually). Suppose you made a double up payment every six months in other words every six months you make an extra payment) and at the end of each year you make a lump sum payment of $4000. How long would it now take to pay off the mortgage calculate the number of years)? How much interest is paid over the life of the mortgage? 

Answer rating: 100% (QA)

To calculate the time it would take to pay off the mortgage and the total interest paid we need to account for the additional payments made every six months and the annual lump sum payment Given Mortg... View the full answer