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Strategies & Market Trends : Rande Is . . . HOME -- Ignore unavailable to you. Want to Upgrade?

To: Rande Is who wrote (20865)	2/21/2000 11:06:00 AM
From: Densiebj	Respond to of 57584

a 15 year mortgage is far better than a 30 year mortgage but let's assume you are already locked into a 30 year mortgage here is an example of a typical 30 year mortgage amortization schedule payment#----payment amt---principal---interest---pbalance 60----------$500 -------- 20.00----- 480.00----49000.00 61----------$500--------- 20.30------479.70----48979.70 ------------------------------------------------------------ 62----------$500----------20.70------479.40----48959.00 63----------$500----------21.20------478.80----48937.80 if this were your mortgage, when you write a $500 check for payment 60 you would add $20.30 onto that check for the principal for payment 61 the following month you would take $500 for payment 62 and add $21.20 for principal etc. etc. etc this cuts your mortgage in half capitalD