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Overpayment Percentage?

Mike Brooks
Greenhorn

Joined: Mar 08, 2006
Posts: 21
This might be more of a math question, but anyways. I'm trying to find the overpayment percentage of the initial mortgage, but want to make sure my calculation is correct.

If....

Your annual interest rate is: 10%

Your initial mortgage amount is: $20,000.00

Your monthly payment is: $193.00

Your total payment over 20 years is: $46,321.04

Your overpayment is: $26,321.04

Your overpayment percentage of initial mortgage is: 43.18%

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Edited. nvm, I got it

overpayment / initial payment
[ March 19, 2006: Message edited by: Jon Martin ]
Mark Vedder
Ranch Hand

Joined: Dec 17, 2003
Posts: 624

I think a Google search on the topic formula for calculating mortgage interest is your best bet to answer your question.
 
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