There are various government-backed refinance programs that are designed to make the home-purchasing process easier for Americans. These programs are ai...More
For the loan amount of $250,000.00 with a length of 30 years and monthly payments of $1,304.12, financed at an interest rate of 5%, the new length of your loan would be 32 Years 2 Months. Your original payment of $1,342.05 would now be $1,304.12. The chart below shows you your mortgage payoff time in years, contrasting your current mortgage payment with your new mortgage payment. You can see the breakdown of how much of each payment contributes toward the principal and interest of your mortgage over time with each year. This is useful to help you see how your mortgage term length impacts monthly payments, and also gives you an idea of how much you can shorten your loan by paying more than the stated amount.