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?


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jay jerome answered

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.


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