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joe has a mortgage at 9.95% compounded semi-annually amortized over 25 years. if joe decides to change his mortgage payments from $1000 a month to $500 every two weeks, what will be the effect on his amortization period?

Guest Apr 20, 2017
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It will shorten the amortization period from 25 years to about 19 years. In other words, the mortgage will be paid off about 6 years earlier, thereby saving you about=$55,000 in interest.

Guest Apr 20, 2017

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