2006-10-13 14:04:39 · 7 answers · asked by colorado 3 in Business & Finance ➔ Renting & Real Estate
3 years, 4 months. If you ask the lender for an amortization schedule, you'll see how much is interest and how much is principal every payment.
2006-10-13 14:37:48 · answer #1 · answered by n0witrytobeamused 6 · 1⤊ 0⤋
No one can tell you that answer until we know what your taxes and insurance are. Your mortgage payment usually includes your principal, interest, taxes and insurance, (PITI). So far, everyone is just giving your the PI part of it. You cannot use that 86 payment number unless you make separate provision for you payments of taxes and insurance. If not that got to be figured into your payment figures.
Go find out what those are and post the question again. We can factor those in and subtract those from your $800 a month payment and let see how much there is left to reduce your mortgage balance. Also, there is a big difference if you are using a 15, 20, 25 or 30 year mortgage. You need to specify that.
To complicate things a little more for you, if your taxes and insurance changes from year to year, which they most certainly will, it is going to make any kind of prediction difficult because those are uncontrollable items.
2006-10-14 14:05:15 · answer #2 · answered by Anonymous · 0⤊ 1⤋
1) what is the amortization?
this is the length of time the repayment takes. used to be, everyone had 25- or 30-year mortgages.
2) what is the term of the note?
for how many months/years do you pay 8.5% interest before you renegotiate?
it used to be that the term and amortization were the same.
here is something to consider:
1) take the shortest amortization you can afford. even a few months shorter can make a large difference in the amount of interest repaid.
2) when you renegotiate, go for the note that best suits your needs. if you have spurts of higher income, go for the one that lets you make principal payments every so many months (usually 12); if you are on fixed income, take the one that is the most straightforward while being the shortest amortization you can afford, over the longest term (ie - 156 months and a five-year term, if that's the longest)
2006-10-13 14:09:55 · answer #3 · answered by kerangoumar 6 · 1⤊ 1⤋
about 3 1\2 years if you pay $800.00 a month. will save you a small sum of $$$ too. you can write a check for $400.00 for the principal only and it will save you some $$$. if you do make sure that you put for principal only on the check. it will go to the principal only and not the payment. GOOD LUCK TO YOU.
2006-10-13 14:12:17 · answer #4 · answered by princesswhitepaw 3 · 1⤊ 0⤋
u will have to pay total 86+ installemnts
so time = 86*2/52 or 3 years 4 months approx
u can trust me, coz i belongs to finance management.
but i cant show u calculation here what i have made.
2006-10-13 14:35:03 · answer #5 · answered by Anonymous · 1⤊ 0⤋
go to invis.ca
they have many different types of mortgage calculators there.
you should be able to do much better than that on a mortgage rate or is this just a math question?
2006-10-13 14:09:15 · answer #6 · answered by kitty-mama 4 · 1⤊ 0⤋
sounds like a bi weekly mortgage which is actually better off in the long run, and most people dont even think of going that way or look for them..
2006-10-13 16:52:14 · answer #7 · answered by Anonymous · 1⤊ 0⤋
go to www.dinkytown.net
they have over 250 various financial calculators so you can play around with all kinds of different interest rates and early pay offs.
2006-10-13 15:19:49 · answer #8 · answered by Anonymous · 0⤊ 0⤋