help my mom

[Seeker]

Originally Posted by pippin65

it's a 30 year note. p and i is approx 500. total cost each month, with taxes and ins., is about 830.

withdrawn

[Seeker]

Here's what I calculated:
65000 at an interest rate of 8% for 30 year term beginning Dec. 1997.

The monthly P&I amount (according to Pippin) is 500 per month; the rest paid for addons is 330 per month.

If payoff is 17k more or less, then looking at the chart, she'd be around Jun 2024 in the payoff stage right now.

THIS LOAN would be done Nov 2027.

If today were Jun of '24, then there's approx 3.5 years remaining if her P&I payoff amount is correctly stated as 17k until Nov '27.

The majority of her 500 per month is going toward principal currently. Every payment reduces both P & I but the Prinicpal side currently is like 4/5ths of the payment and the interest is 1/5th. Each payment makes the principal side paid higher, and the interest side paid lower.

If the payoff balance is 17k, there's no real reason to change anything because the loan is almost done.


Undless the bank or your Mom is misunderstanding and confusing 17 years remaining with the 17k owed ????

This is the amortization site that i used to find the 17000 balance point in this loan. But if the interest right differs, then the numbers and date will differ. Mortgage Amortization Calculator, Table/chart - Calculate Amortization Schedule,