Your original payment is correct, I got the same.
Amount owing after 10 years
= 202916.70(1.00725)^120 - 1589.11(1.00725^120 - 1)/.00725
= 180472.95 YEAHH, you had that
new plan: 20 years at .042
i = .042/12 = .0035
WHY ARE YOU TALKING ABOUT A 15 YR MORTGAGE?
Should be 20 years
180472.95 = p (1 - 1.0035^-240)/.0035
p = 1112.74
Think I found your error, take it from here.
SHOOT THE ORIFINAL QUESTION IS TO COMPARE A 15 YEAR MORTGAGE AT 5.1% NOT THE 20 YR AT 4.2%. PLEASE TAKE ANOTHER LOOK IF YOU CAN:)
Ok , I found the new monthly payment for the 15 year, at 5.1% and also got 1436.59
The interest on the original plan would have been
360(1589.11) - 202916.70 = 369161.35
which you got
interest with new plan
= 120(1589.11) + 180(1436.59) - 202916.70
= 190692.68 + 258586.20 - 202916.70
difference in interest paid
= 369161.35 - 246362.18
so your getting the same thing? huh
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