You have just sold your house for $1,000,000 in cash. Your mortgage was originally a 30-year mortgage
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You have just sold your house for $1,000,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $750,000. The mortgage is currently exactly 18½ years old, and you have just made a payment. If the interest rate on the mortgage is 6.25% (APR), how much cash will you have from the sale once you pay off the mortgage?
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Heres how to calculate the remaining balance on your mortgage and the cash remaining after selling y...View the full answer
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Somshukla Chakraborty
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