October 13, 2015

Homework Help: MATH

Posted by TRAY on Sunday, August 12, 2012 at 2:25pm.

Five years ago, you bought a house for $151,000, with a down payment of $30,000, which meant you took out a loan for $121,000. 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


Principle and Interest payment


Total Payment


Current Loan Balance


Explain how much additional money you would need to add to your monthly payment to pay off your loan in 20 years instead of 25.

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