30-year mortgage

Payment
Number
1

2.

Payment
Date

Payment
Amount ($)

Interest
Paid ($)

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84

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Principal
Paid ($)

1-Q5,7 y

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35t, 11

Remaining
Balance (g)

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240.

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300.

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360.

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2,16

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8rt ,.?g

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is the first one in which the principal paid is greater

than the interest paid.

60.

120.

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$0.00.

total

Payment number

The total amount of interest

is $ 7 ?"Abq

The total amount of interest

i, 3 L ,94 3

The total amount of interest

i, bl , b5 -t N of the mortgage.

,5$

(more

o(.6l

than the mortgage.

Yo (mare or tbsg)tran the mortgage.

Suppose you paid an additional $100 a month towards

the principal:

The total amount of interest paid with the $100 monthly

extra payment would be

s_8tu:.?+

The total amount of interest

narc! with the $100 monthly extra payment would be
"i'l
't
$ 2'
fi, i(more
than the interest paia ro, the scheduled payments
only.
"r{.@
The total amount of interest paid with the $100 monthly
extra payment would be
1L' A
%o (morc*@rrr* the interest paid
for the scheduled payments only.

ffi

The $100 monthly extra payment would pay offthe mortgage

in
years and I
months; that's
months sooner than paying only the scheduled payments.

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30-year morlgage
Payment
Number
1.

2.
60.

t20.
240.
300.
360.

Payment
Date

tl/ll

Payment
Amount ($)

Principal
Paid ($)

Interest
Paid ($)
I

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r

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51

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l5'?

Eq,.?g

Remaining
Balance ($)

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$0.00.

total

Payment number

l'LLl

is the first one in which the principal paid is greater than the interest paid.

The t6tal amount of interest

is $ / 1/, lr,i

The total amount of interest

is 7 L ,b'13

The total amount of interest

it b\ , {.5 -t y, of the mortgage.

".

(more

o.-@l

%o (more

or

than the mortgage.

i$n*

the mortgage.

Suppose you paid an additional $100 a month towards the principal:

The total amount of interest paid with the $100 monthly extra payment would be

s ?,8

r .t.8?

The total amount of interest paid with the $100 monthly extra payment would be
'V -] 'l
{n t4(more
than the interest paid for the scheduled payments only.
$

't

or@

The total amount of interest paid-with the $100 monthly extra payment would be
Yo (moreor@m* the interest paid for the scheduled payments only.
1 L, A

ffi

LI

years and t
The $100 monthly extra payment would pay off the mortgage in
months sooner than paying only the scheduled payments.
months; that's

hl.