Posted on: 20th May, 2009 07:38 am
I am buying a house for $68,000 @ 7% interest. I have been in the house for 6 years and I owe $62,000 on it. How much would I have to pay minus interest to pay it off in full today.
Hi
Are you in a lease-purchase agreement with the owner of the home? Are you talking about paying off the seller-carry mortgage?
If you want to pay off the loan in full, you have to pay the principal together with the interest. Without paying the interest you cannot pay the loan in full. In case you want to find out how much you need to pay towards the principal and the interest separately, you can use the the amortization mortgage calculators. You can also provide me with the details like term of the loan, interest rates etc and I can help you find that out.
Are you in a lease-purchase agreement with the owner of the home? Are you talking about paying off the seller-carry mortgage?
If you want to pay off the loan in full, you have to pay the principal together with the interest. Without paying the interest you cannot pay the loan in full. In case you want to find out how much you need to pay towards the principal and the interest separately, you can use the the amortization mortgage calculators. You can also provide me with the details like term of the loan, interest rates etc and I can help you find that out.
The only way to really know the balance remaining would be to request a payoff from your current lender. If you just want an idea of the balance, just look at your most recent mortgage statement and add another payment to the principal balance listed. This will only estimate what you owe and in no way work as your real payoff. I hope this helps...
