Situation

Five years ago, you bought a house for $171,000. You had a down payment of $35,000, which meant you took out a loan for $136,000. Your interest rate was $5.6% fixed. You would like to pay more on your loan. You check your bank statement and find the following information.

•Escrow payment: $232.78
•Principle and Interest payment: $751.90
•Total payment: $984.68
•Current Loan balance: $121,259.44
Then, answer these questions:

1. Assuming you currently meet your monthly expenses with no left over to speak of, how much more money a month do you need to make in order to pay off your lo

Question

Situation

Five years ago, you bought a house for $171,000. You had a down payment of $35,000, which meant you took out a loan for $136,000. Your interest rate was $5.6% fixed. You would like to pay more on your loan. You check your bank statement and find the following information.

•Escrow payment: $232.78
•Principle and Interest payment: $751.90
•Total payment: $984.68
•Current Loan balance: $121,259.44
Then, answer these questions:

1. Assuming you currently meet your monthly expenses with no left over to speak of, how much more money a month do you need to make in order to pay off your lo