Posted on: 17th Nov, 2010 06:51 pm
mortgage for $40,000, 6%
I have a $40,000 mortgage at 6% . How many years to pay off this loan?
Willard, that's not a question that can be answered very easily. Here's one reason why:
if you paid only the interest that's due on a monthly basis, that amount would be $200. In that case, you would never pay off the mortgage, because you wouldn't be knocking down that balance of $40K.
If you have a regularly scheduled monthly payment, however, of (say) $300; you could then use the calculators contained on this site to punch in those variables and come out with the number of months it'd take you to be paid in full.
I hope this helps. Unfortunately, you were too vague in your question to allow specificity.
if you paid only the interest that's due on a monthly basis, that amount would be $200. In that case, you would never pay off the mortgage, because you wouldn't be knocking down that balance of $40K.
If you have a regularly scheduled monthly payment, however, of (say) $300; you could then use the calculators contained on this site to punch in those variables and come out with the number of months it'd take you to be paid in full.
I hope this helps. Unfortunately, you were too vague in your question to allow specificity.
