A homeowner just bought a house and entered into a 30 year mortgage of $250,000. Set up an amortization schedule for loan to be repaid in equal installments at the end of each month over 30 years (360 payments). The interest rate is 5%.

For the 30^th payment how much of the payment is payment of principle vs interest.

The homeowner was expecting to use an annual bonus to be made as an additional payment of $5,000 every 12^th payment in addition to the normal loan payment. The homeowners goal was to reduce the overall amount of interest paid on the loan.

For the 30^th payment how much is now the payment of principle vs. interest.

How many months will it now take to pay off the loan?