Daily Archives: 2012/05/19

Should I Pay Off This Mortgage Loan?

Posted on 2012/05/19 by Jeffrey Smith

I just heard a personal finance expert recommend paying off a mortgage that has 14 years remaining. Here are the parameters of the 30-year fixed rate loan:
Debt Present Value:   229,880Remaining Term:           168  (16 years paid, 14 years left)Annual Interest Rate:     6.6% (fixed over 30 years)Monthly Debt Service:  -2,100  (principal + interest)Annual Debt Service:  -25,200
From these parameters, [...]

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