five years ago you took out a $300,000, 25-year mortgage with an annual interest rate of 7 percent and monthly payments of $2,120.34. ?

what is the outstanding balance on your current loan if you just made the 60th payment?

1 Answer

  • 5 months ago
    Favorite Answer

    $273,486. The monthly payment toward principal has risen from $370 for that first payment to $522 for the 60th. The point at which you will start paying more principal than interest will be reached with the 182nd payment, and the mortgage balance at that time will be $182,617.

Still have questions? Get your answers by asking now.