Mortgage amortization calculation help

[Seymour]

Can someone tell me what the payoff is going to be when this mortgage balloons in 2023? thanks

Loan is dated 1/31/13 for $210,000 at 3% with a monthly payment of $885.37. First monthly payment of $885.37 was March 1, 2013 and the mortgage is due on 2/1/23. What will be the remaining balance in 10 years? thanks in advance

 

[PatsFan1283]

Assuming normal paydown I have it at 160,126.65

That is a 10/1 ARM I assume?

 

[Willie99]

$ 210,000 mortgage date 1/31/13
3% rate of interest
1st payment 3/1/13
monthly payment $ 885.37

balance due 2/1/2023 will be $ 160,550.01

I have T-Value Amortization software

 

[Seymour]

u can have 10 people run it and all come back with different numbers - I'm just looking for a good approximation which seems like 160-1K - thanks for the help

 

[PatsFan1283]

Yeah I actually tried to look for the discrepancy between mine and willies just cause I was curious but couldn't find anything.

 

[seldomseen]

The lender might have an amortization schedule they can send you. The title company should definitely have one.

 

[Seymour]

Yeah, I already sent the closing attorney a request - of course I don't even have the note - I'm doing my 2013 taxes and I noticed I missing all this stuff

 

[3peet]

I get $159,641.36. Ran a quick amortization table based on your numbers.

 

[Willie99]

I get $159,641.36. Ran a quick amortization table based on your numbers.

that would be the payoff after 120 payments. Since the payoff is on the same date payment 120 is due, I just added the two together

159,641.36 + 885.37 = 160,526.73 (within $ 25 of my calculation)

 

[Willie99]

$ 210,000 mortgage date 1/31/13
3% rate of interest
1st payment 3/1/13
monthly payment $ 885.37

balance due 2/1/2023 will be $ 160,550.01

I have T-Value Amortization software

that would include $ 400.37 of interest