I have a 40 year fixed rate mortgage of 538k. The monthly payment is 3200 per month. The interest rate is 6.75
I have a 40 year fixed rate mortage. Welp, really a 30 year mortgage amortized over 40 years with a lump sum due in 30. We are 2 years into this mortgage. The interest rate is 6.75%. My questio is if my wife and I made one principal only payment of 3200 per year over the next 28 years how long would it take us to pay off this loan??