This week we're going to figure out how much I'll still owe on my mortgage in a decade if I use the inheritance I received from Aunt Matilda to pay it down faster.
THE SCENARIO:
Building off the last couple of articles, we're going to stick with my mortgage. To recap, here are the pertinent details:
Note: Some of these numbers are slightly different than at the end of the previous posts. The reason for the discrepancies is that in this post, I've re-entered the PMT number to make sure that the calculator isn't using fractions of a penny in its calculations. Since we really pay $2,241.09 and not $2,241.08836 each month, some of the numbers later on in the calculation are going to... Read more...