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Jackson just got a 30-year mortgage and plans to pay 200 toward the principal each month To pay the mortgage off 10 years early how much more money does he have to pay on the principal each month?
Wiki User
∙ 10y ago
if the question is meaning that Jackson got a 72000 dollar mortgage and he wanted to pay it off in 20 years instead of 30 years you would say that hes going to pay 72000 dollars in 240 months therefore you would divide 72000 by 240 which equals 300 meaning that hes paying a extra 100 dollars a month now to rework it to make sure im correct
240 x 300 = 72000
(30 x 12) x 200 = 72000
(360) x 200 = 72000
Wiki User
∙ 10y ago
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The mortgage is interest only. how is the effect to mortgage?
It is considered a term mortgage which is how mortgages were before the amortized mortgage. In a amortized mortgage a part of every payment goes to principal (the amount you owe) and a part goes toward interest (what the bank charges to loan you the money) In the beginning almost all of the payment goes toward interest but as time goes by more goes toward the principal and less toward the interest until the principal is paid off. The interest only mortgage only pays the interest so you never pay off your debt.
In paying off a mortgage loan using level periodic payments the amount of the periodic payment that goes toward the reduction of principal increases over the life of the mortgage is it true or false?
True.
How can you lower the principal owed on your mortgage?
You can reduce the principal by making extra payments toward the principal each payment cycle. Ask your lender how best to do it and make certain the amount is deducted from the principal.You can reduce the principal by making extra payments toward the principal each payment cycle. Ask your lender how best to do it and make certain the amount is deducted from the principal.You can reduce the principal by making extra payments toward the principal each payment cycle. Ask your lender how best to do it and make certain the amount is deducted from the principal.You can reduce the principal by making extra payments toward the principal each payment cycle. Ask your lender how best to do it and make certain the amount is deducted from the principal.
If a double principal is paid on a mortgage will it be paid off quicker?
If you plan to stay in the home for a long time extra payments toward the principal can reduce the payback time by years depending on how much you pay.
If a 30 year mortgage monthly payment is 2250 month and the 2250 was paid and an additional 1000 toward principal every month how would this reduce the term of the mortgage?
http://www.sterlingnational.com/calc4.asp you can look on any web site for a mortgage calculator this should help usafhamortgage.com or email us at usafhamortgage@gmail.com
The mortgage is interest only. how is the effect to mortgage?
It is considered a term mortgage which is how mortgages were before the amortized mortgage. In a amortized mortgage a part of every payment goes to principal (the amount you owe) and a part goes toward interest (what the bank charges to loan you the money) In the beginning almost all of the payment goes toward interest but as time goes by more goes toward the principal and less toward the interest until the principal is paid off. The interest only mortgage only pays the interest so you never pay off your debt.
What is the amortization schedule mortgage?
Amortization schedule mortgages are mortgages in which a person makes regular payments, usually monthly, to pay off a loan or mortgage. It is used by calculating the amount of a payment that goes toward the interest and how much goes toward the actual principal. It is used for determining how much of a payment goes toward paying off the principal.
What output will a simple mortgage calculator give me?
A simple mortgage calculator will give you the amount of your monthly payment. It may also break it down in to what part is interest and what part goes toward the principal.
In paying off a mortgage loan using level periodic payments the amount of the periodic payment that goes toward the reduction of principal increases over the life of the mortgage is it true or false?
True.
Is it legal for a bank to take a portion of a check you sent them for the principal of your mortgage only payment and use it for future payments and interest for themselves?
It depends on your mortgage contract and other details. If you owe interest it can usually take that from a check you sent for principal only. You should review the documents you signed at the closing carefully for any section that deals with making payments toward the principal outside of regular payments.It depends on your mortgage contract and other details. If you owe interest it can usually take that from a check you sent for principal only. You should review the documents you signed at the closing carefully for any section that deals with making payments toward the principal outside of regular payments.It depends on your mortgage contract and other details. If you owe interest it can usually take that from a check you sent for principal only. You should review the documents you signed at the closing carefully for any section that deals with making payments toward the principal outside of regular payments.It depends on your mortgage contract and other details. If you owe interest it can usually take that from a check you sent for principal only. You should review the documents you signed at the closing carefully for any section that deals with making payments toward the principal outside of regular payments.
How can you lower the principal owed on your mortgage?
You can reduce the principal by making extra payments toward the principal each payment cycle. Ask your lender how best to do it and make certain the amount is deducted from the principal.You can reduce the principal by making extra payments toward the principal each payment cycle. Ask your lender how best to do it and make certain the amount is deducted from the principal.You can reduce the principal by making extra payments toward the principal each payment cycle. Ask your lender how best to do it and make certain the amount is deducted from the principal.You can reduce the principal by making extra payments toward the principal each payment cycle. Ask your lender how best to do it and make certain the amount is deducted from the principal.
If a double principal is paid on a mortgage will it be paid off quicker?
If you plan to stay in the home for a long time extra payments toward the principal can reduce the payback time by years depending on how much you pay.
Why should you sue a mortgage company?
There are many reasons why you would sue your mortgage company. Each reason would be because the mortgage company wronged you in some way (for example, not putting enough of your monthly payment toward principal). If you feel you have been wronged by your mortgage company, please contact your state attorney generals office.
If a 30 year mortgage monthly payment is 2250 month and the 2250 was paid and an additional 1000 toward principal every month how would this reduce the term of the mortgage?
http://www.sterlingnational.com/calc4.asp you can look on any web site for a mortgage calculator this should help usafhamortgage.com or email us at usafhamortgage@gmail.com
When you pay more than the minimum payment on a credit card how do you know it's going to the principal balance?
It is actually quite simple. Any amount that you pay that exceeds the finance charges and any fees included within that minimum payment goes toward the principal. In addition, 100% of the overpayment goes toward the principal balance. In other words, if you make just the minimum payment, a few bucks might go toward the principal balance. If you pay $20 above the minimum payment, all of that $20 plus a few bucks from the minimum payment go toward the principal balance. All of the overpayment goes toward principal. You can also look at the minimum payment calculation to determine how much of the minimum payment goes toward principal.
Jackson's attitude toward nullification was to?
Andrew Jackson was devoted to the Union. This meant that his attitude toward nullification was negative, and he opposed it.
How do you own a home years sooner without making extra interest payments?
You make extra payments toward the principal.You make extra payments toward the principal.You make extra payments toward the principal.You make extra payments toward the principal.
