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March 25, 2017

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Five years ago, you bought a house for $151,000, with a downpayment of $30,000 which meant you took out a $121,000 loan. 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 $917.25 current loan balance $112,242.47 How much would you need to add to your monthly payment to pay off your loan in 20 years instead of 25

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