Erin is purchasing a house prices at $242,000 using a 30 year fixed rate mortgage with a 3.9% interest rate. She wants to know how much faster she could pay off her mortgage if she made one extra monthly payment each year. Work with Erin to calculate the number of months by answering the question below. Ignore property taxes of PMI payments.
1) What is Erin's monthly payment?
2) If Erin makes one extra monthly payment each year, how much extra would she pay each month?
3) if Erin makes one extra monthly payment each year, what would be her new monthly payment?
4) how many months faster will Er

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anonymous · Answer

4) continued... How many months faster will Erin be able to pay off her mortgage if she makes one extra monthly payment each year?

anonymous · Answer

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