document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=772810>Question 772810</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Okay I bought a house 5 years ago for $171,00 with a down payment of $30,000. Which means I took out a loan for $141,000.00. MY interest rate was 5.75% fixed. I would like to pay more on my loan. I check my Bank statement and find out the following information:  Escrow payment is $261.13, Principle and Interest payment is $822.84, Total payment is $1,083.97, With a currant loan Balance of $130,794.68.\r<BR>\n" );
document.write( "\n" );
document.write( "With my currant loan, How much additional money would I need to add to my monthly payment to pay off my loan in 20 years instead of 25 years? and would it be reasonable to do so if I currently meet my monthly expenses with less than $100 left over. Also what is the highest interest rate I could refianance at in order to pay off my currant balance in 20 years. I need to determine a interest rate that requires a monthly total payment that is less than my currant total payment.  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #471131 by </B><A HREF=/tutors/aboutme.mpl?userid=ankor@dixie-net.com><B>ankor@dixie-net.com(22740)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=ankor@dixie-net.com><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=ankor@dixie-net.com><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=471131\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> You are paying way too much interest. With decent credit, you should be able to<BR>\n" );
document.write( "refinance at an interest rate of 4% or less. The escrow payment does not figure<BR>\n" );
document.write( "in this<BR>\n" );
document.write( "A quick calculation: To pay off $131,000 in 20 yrs (240 months) at 4%, the<BR>\n" );
document.write( "monthly payment is: $794 (plus your escrow), less than you are paying now.<BR>\n" );
document.write( ":<BR>\n" );
document.write( "Go to a bank or a credit union find out what kind of interest rate they will offer<BR>\n" );
document.write( "You can shop around for this but stay away from those loan sharks on TV that offer<BR>\n" );
document.write( "wonderful interest rates. They add hidden fees to the loan, they are real good<BR>\n" );
document.write( "at screwing you.\r<BR>\n" );
document.write( "\n" );
document.write( "Good luck  </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );