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September 21, 2014

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


$211.13

Principle and Interest payment


$706.12

Total Payment


$917.25

Current Loan Balance


$112,242.47



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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