I have 30,000 dollar in Mortgage loan.if I pay 800 a month.How many years it take to pay off.Thank you .?

Answer 1

u have asked similar question where u said 8.5% interest rate. but there u said 400 per 2 weeks

dear it makes difference in loan when u pay 800 p.m. and when 400 per 2 weeks.
coz in load interest is charged on reducing balance.

when u pay 400 per 2 week, u will be charged less interest then u pay 800 p.m.

if we assume in this case too interest 8.5% then it will take 44 instalment means 3 years and 8 months.


when 400 per 2 week 3 year 4 months
when 800 p.m. 3 years 8 months

see by making late payments u will have to pay 4*800=3200 extra.

Answer 2

In order to reply your question one need to know the interest rate chargeable as per your mortgage.

You can find out the answer to your question by using excel spreadsheet. Here is how you proceed.....

Open up an excel sheet.
Go to the top pull down menu INSERT and click on FUNCTION
In choose FINANCIAL
In choose NPER
You will now need to enter the following function arguments in the new window.

RATE? What is the annual interest rate as per your mortgage contract? Say it is 10%... so you enter 10/12/100. remember that the 10% is the rate per annum that's why you need to divide by 12 (12 months in a year) and divide by 100 because the rate is in % terms.

PMT? This is the payment you make each month. Enter -800 (as per your question). Note that the amount is entered as negative as the payment is a cash outflow.

PV? This is the loan amount. Enter 30,000. (As per your Question)

FV? Enter 0

TYPE? Enter 0

Click OK and you'll get your answer in MONTHS = 45.
This is equivalent to (45/12) 3 years and 9 months.

Please note that I have assumed a 10% mortgage rate. Change the value and you'll get the answer to your question.

Answer 3

You can edit your question to add the interest rate. If it's 8.5%, it'll take 3 years, 4 months to pay it off. Someone assumed that you would pay $800/mo but that is probably not correct; if you pay every two weeks that's 26 payments per year and yes, it makes a difference.

Answer 4

Depends on the rate of interest, and whether you pay on the first of the month, or on the last day of the month. Also, is it an installment loan schedule, or is it based on actual days between payments? What about escrow for property taxes and insurance? Are those included?

Answer 5

Paying $800.00 a month on a mortgage of $30000.00, lets say at 7%... 46 month should pay it off.

Go to bankrate.com and there is a calulator there to figure payments and etc...

Answer 6

you just asked this question. see the other responses

Answer 7

37.5 years not including additional time for interest, failure to pay, etc..

Answer 8

interest rate?