Mortgage statement question?
Currently interest only loan, statement says…You may elect to pay and additional $245.94 in order to fully amortize your loan. Does this mean if we pay this amount addtional we will pay the loan off as scheduled or if we pay more than that additionally every month (wihcih we do) we will pay off early?
Both – if you pay the $245.94, you will have the mortgage paid off at the end of the term (30 years?), while if you pay more than the $245.94, you will end up paying it off before the term.
Calculating Mortgage Amortization Tables By Hand (or spreadsheet:-)
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Schedule A… $35.97 Schedule A… |
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Mortgage Is Bank $9.83 Mortgage Is Bank |
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The Mortgage Millionaire $29.5 The Mortgage Millionaire |
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Mortgage Matters $13.95 Mortgage Matters |
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Trust Mortgage $11.78 Trust Mortgage |
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