# Misc

Submitted By sheareeterry
Words 783
Pages 4
Week 6 – Finance Project
SheaRee Terry
Professor James Huskins
MAT104
November 11, 2011

How much more money would I need to add to my current mortgage payment in order to pay off my home loan of \$112,247.47 in 20 years instead of 25 years? While figuring this out, I need to consider all of my options and whether or not this would be worth it due to the fact that I’m already stretched extremely thin after covering all of my monthly expenses.
It would make sense to first understand what my opinions are. I have to first think about the financial position I am already in. After paying all of my bills for the month, I don’t even have \$100 left over to live off of for the rest of the month. This alone, causes me to think that increasing my payment amount doesn’t make sense in my current situation, but may be something I want to revisit in a few years when I have more income to spare. I can look into refinancing to see if I can possibly get a lower interest rate, but that would cost me \$2000 I don’t have at the moment. At the same time, it wouldn’t hurt to figure out what interest rate would benefit me by lowering my payment and, if it’s worth it, I could come up with the closing costs.
I’ve decided I will weigh my options. I will calculate how much more I will need to increase my current payment by in order to pay off this loan in 20 years without refinancing. Alternatively, my credit is in good shape so I should also be able to refinance at a lower interest rate. I will use calculations to figure out what rate will be beneficial to me by lowering my payment, taking into consideration the \$2000 closing costs.
The loan amount is \$112,247.47 with a 20 year fixed interest rate of 5.75%. The monthly finance cost to finance \$1000 at this rate is 7.0208. The formula to use here is loan amount/1000 * table figure (Smith, 2011). To figure the new payment, I divide...

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