how long would it take me to pay off a 54000.00 morgage paying $1500.00 a month?

Layer-visible-off
0
Unfavorites
0

how long would it take me to pay off a 54000.00 morgage paying $1500.00 a month?


0

The answer to your question depends on your interest rate. The higher it is, the longer it will take to pay off the loan. If, for instance, you’re at 5%, and you pay $1500 principle and interest (not including payments to your escrow account for taxes and insurance), it would take 39 months to pay the loan off. If you were at the very low rate of 3%, it would take only about a month less. In both cases, due to your small loan size and greatly accelerated repayment schedule, you’re paying a minuscule amount of interest, which is a very good thing.

Answered 3 months ago
Ted Rood
1184 6

You Must Be Logged In To Answer