Posted on: 27th Mar, 2010 07:34 am
I have a 5%, 15-year loan with outstanding balance of $130,285. Monthly payment is $1,075.48. What will be a result if I pay down the balance with a one-time principal payment of $10,000?
Your query has been replied to in the given page:
http://www.mortgagefit.com/loantalk/extra-payments.html#157219
Have a look at it. I hope it will help you.
http://www.mortgagefit.com/loantalk/extra-payments.html#157219
Have a look at it. I hope it will help you.
Your mortgage balance started at $136,000. You have made 11 payments. You have 169 payments left.
If you pay an extra lump sum of $10,000, you will have 151 payments left. You will shorten the remaining term by 18 months.
If you pay an extra lump sum of $10,000, you will have 151 payments left. You will shorten the remaining term by 18 months.
