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Mortgage Payoff Calculator (2e)

Extra Monthly Payments and Property Value
Appreciation to Reach a Desired Equity in a Specified Period

Who This Calculator is For: Borrowers who want to know how much extra
they must pay to reach a target equity position within a specified period.

What This Calculator Does: This calculator shows the additional amount
that must be paid on fixed-rate mortgages, above the required monthly payment,
given an assumed appreciation rate, to reach a targeted equity position within a specified period.

Enter Loan Information
  Existing Loan Balance  (e.g. 214375)
  Interest Rate  (e.g. 5.50)
  Current Principal & Interest Payment (do not include insurance and taxes) (e.g. 657.24)
  Current Value of House (e.g. 175000)
  Expected Rate of Property Value Appreciation (e.g. 1.5
  Desired Level of Equity in Percent (e.g. 20):
  Number of Months From Now You Want the Desired Equity Level to be Reached  (e.g. 60) 

DO NOT USE DOLLAR SIGNS ($), COMMAS (,) PLUS SIGNS ( + )
OR PERCENTAGE SIGNS (%) IN ANY INPUT BOXES

Equity is equal to property value less loan balance. If the property is worth $100,000 and the balance is $80,000, equity is $20,000. Equity in percent is equity divided by property value, or 20% in the example.