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Scott,
I would like to pay
off my 80K-15 year, 7.74% mortgage in 8-10 years? How much per month
or year do I have to make to reach this goal?
--John
John,
Thanks for writing--your question is
a great Household Math™ problem! In fact, you just inspired me to
add a section so people can submit their Household Math™
questions.
Your question is very
straightforward. You have an $80,000 mortgage for 15 years at 7.74%.
Assuming these numbers are exactly correct, and no payments have been
made to-date, the monthly payment is $752.57.
 To pay off $80,000 at 7.74% in 8
years requires a monthly payment of $1,120.40. This saves you
$27,904.20 over the 15-year loan.
To pay off $80,000 at 7.74% in 10
years requires a monthly payment of $959.67. This saves you
$20,302.20 over the 15-year loan.
Therefore, any monthly payment
greater than or equal to $960 will achieve your goal of paying of the loan in
10 years or less.
Regards,
Scott
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