Five years ago, you bought a house for $151,000, with a down payment of $30,000, which meant you took out a loan for $121,000. Your interest rate was 5.75% fixed. You would like to pay more on your loan. You check your bank statement and find the following information:

Escrow payment =$211.13

Principle and Interest payment =$706.12

Total Payment =917.12

Current Loan Balance =$112,242.47  

Write a 1-2 page paper in which you: 

1. Explain how much additional money you would need to add to your monthly payment to pay off your loan in 20 years instead of 25