Interest rates are expressed as an annual percentage. Interest: This is what the lender charges you to lend you the money.Principal: This is the amount you borrowed from the lender.Simply enter in the original amount of your mortgage and the date you closed, and click "Show Amortization Schedule." Then, multiply your original mortgage amount by 0.8 and match the result to the closest number on the far-right column of the amortization table to find out when you'll reach 20 percent equity. That's the magic number for removing PMI premiums.
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