Five years ago, you bought a house for $151,000, with a down payment of $30,000, which meant
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Question:
Five years ago, you bought a house for $151,000, with a down payment of $30,000, which meant you took out a loan for $121,000. Your interest rate was 5.75% fixed. You would like to pay more on your loan. You check your bank statement and find the following information:
Escrow payment =$211.13
Principle and Interest payment =$706.12
Total Payment =917.12
Current Loan Balance =$112,242.47
Write a 1-2 page paper in which you:
1. Explain how much additional money you would need to add to your monthly payment to pay off your loan in 20 years instead of 25
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