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Daily Archives: 2012/05/19
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, [...]