I Currently Have A 120,000.00 Mortgage At 5.25%, 15 Year Fixed, I Pay 1243.82 Per Month. The Mortgage Began In 1990 And Was Refinanced In 2003. If I Increase My Payments By 333.00 Per Month When Will The Mortgage Be Paid?

You did not say how long it was refinanced for or the month when you refinanced.

Did you refinance with an amount of $120,000. Is the current APR 5.25%

I'll give you the formula you can use to calculate this since I don't know the above figures.



N = ln [ ( P+E) / (abs( rL - (P+E)) )] / [ln( 1 + r)]

P = Current Payment
E= Additional Principle Payment
r = monthly interst rate
ln is the natural logarithm
abs is the absolute value
N = the number of months to pay off the loan

Just simply substitute in your data , and you will get the figure you need.

Mathman99