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jamman38 · Joined: 26 Oct 2009 Posts: 1 1.27 Dollars($)

If a person owes 42,000.00 on a loan at 8.5%, paid off in Dec.2015, and payment of 751.82 and than if I put 10,000.00 toward the principle curtailment, is it possible for the payment to go down to 569.15 and mortgage payoff would be in 25 months?

jveenstra · Posted: Mon Oct 26, 2009 12:52 pm Post subject: Pay Down

If you paid down $10,000 and the monthly payment stayed at $751.82, the $32,000 remaining balance would pay off in 52 months.

It would not pay off in 25 months even if the payment stayed at $751.82. If the payment were modified for the new balance of $32,000 to $569.15, it would pay off in the same 72 months as the original loan of $42,000 with a larger payment of $751.82.

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