Suppose you take out a 30 year mortgage for $ 225000 at 6% interest. The monthly payments on this loan are $ 1348.99. If you pay an extra 20% per month on your mortgage, how soon will you pay off the loan?

Suppose that you are currently making monthly paymentson a $163,133.00 20-year mortgage at 3.84% interest compound monthly. For the last 5 years , you have been paying the regular, monthly payments. You now have the option to refinance your current mortgage with a new 12-year mortgage that has an interest rate of 2.99% compounded monthly. Note that the lender of the new loan has a closing cost fee of $1,100 (for title insurance,home appraisal costs, etc. )for the new ( refinanced)mortgage. The lender stipulates that closing cost must be paid in cash and cannot be part of the new loan. You are to determine whether you would save or lose money in interest if you were to refinance your home. Take the closing into account when determining if you would save or lose money.

You have a mortgage of $120000 at j2 = 5%. You wish to make payments once every two weeks for 25 years to pay off the mortgage, with the first payment two weeks from now. What is the size of each payment? Answer: $

Suppose you take out a 30-year mortgage for $ 225000 at 8.5% interest. The monthly payments on this loan are $ 1730.06. If you pay an extra 40% per month on your mortgage, how soon will you pay off the loan?New length in years =  How much will you save in interest by making the extra payments?Saving =  If you put $ 1730.06 per month into an annuity earning 10.25% interest compounded monthly for the remaining time on your original loan, how much money will you have at the end of the original 30 years?Extra savings =