Would anyone have a website url that would allow me to figure out how many years it would take me to pay off my mortgage under the following conditions:
Mortgage amount – $100,000
Mortgage rate – 4.9%
Monthly payment made – $860
Payment frequency – monthly
The assumption is all the numbers listed above would not change during the duration of the mortgage.
If there is a website that would help me figure this out, that would be great as I’d like to try different numbers to see what makes sense for my situtation.
Thank you
www.bankrate.com/brm/amortization-calculator.asp
http://www.bankrate.com/brm/amortization-calculator.asp
References :
I don’t know of a web site but the answer is 158.03 months.
About 13 years and 3 months.
I think!!
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Try http://www.realtors.com
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It would take 158 months. I’m not aware of an online calculator but if you have access to Microsoft Excel, you can enter the following in a cell to get the answer:
=NPER(4.9%/12, 860, -100000, 0)
You can then edit the cell to change the interest rate, monthly payment or the loan amount.
References :
Yahoo Real Estate:
http://realestate.yahoo.com/calculators;_ylt=AvqQDWDfkItrlaWvW_VQizOkF7kF
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159 months or 13.25 years I do not have a website but if you have a financial calculator (HP 12c)
100k -(negative) pv
4.9 G I
860 PMT
N= 159/12 = 13 years 3 months
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Experience – Real Estate Appraiser