That table showing the monthly payment that will allow Dave and Jana to pay off the loan in 12 years, 11 years and 10 years ( additional payment column). Base on those payments, which option for prepayment if any, would you choose and why?
1 Dave and Jana's Mortgage Refinance Problem Parameters $208,555.87 3.90% 5 Amount Borrowed Annual Interest Rate 7 Number of Years 8 Monthly Payment 9 Additional Monthly Payment $1,532.23 $283.62 Payment Number Additional Payment 10 Years 11 Years 12 Years S569.40 S413.321 S283.62 10 12 13 14 15 16 17 Planned Payment $1,532.23 $1,532.23 $1,532.23 $1,532.23 $1,532.23 $1,532.23 $1,532.23 $1,532.23 $1,532.23 $1,532.23 $1,532.23 $1,532.23 $1,532.23 $1,532.23 $1,532.23 $1,532.23 $1,532.23 $1,532.23 $1,532.23 $1,532.23 $1,532.23 $1,532.23 $1,532.23 $1,532.23 $1,532.23 $1,532.23 Interest $677.81 S674.11 S670.40 S666.67 S662.94 $659.19 $655.43 $651.66 $647.88 S644.08 $640.27 S636.45 $632.62 S628.78 $624.92 S621.05 $617.16 $613.27 $609.36 $605.44 $601.50 $597.56 $593.60 S589.63 S585.64 $581.64 Principal $854.43 5858.12 S861.83 5865.56 $869.29 $873.04 $876.80 S880.57 $884.35 $888.15 $891.96 $895.78 $899.61 $903.46 $907.31 S911.19 S915.07 S918.96 $922.87 S926.79 S930.73 $934.67 $938.63 $942.61 S946.59 $950.59 Additional Payment $283.62 $283.62 $283.62 S283.62 $283.62 S283.62 $283.62 S283.62 $283.62 S283.62 $283.62 S283.62 S283.62 S283.62 $283.62 S283.62 $283.62 S283.62 $283.62 S283.62 S283.62 S283.62 $283.62 S283.62 $283.62 $283.62 Previous Balance $208,555.87 $207,417.83 $206,276.08 $205,130.63 $203,981.45 $202,828.54 $201.671.88 S200,511.46 $199,347.27 $198,179.30 $197,007.53 $195,831.95 $194,652.55 $193,469.32 $192,282.24 $191,091.31 $189,896.50 $188,697.81 $187,495.23 $186,288.73 $185,078.32 $183,863.97 $182,645.68 $181,423.43 $180,197.20 $178,966.99 Ending Balance $207,417.83 $206,276.08 $205,130.63 $203,981.45 $202,828.54 $201.671.88 $200,511.46 $199,347.27 $198,179.30 $197,007.53 $195,831.95 $194,652.55 $193,469.32 $192,282.24 $191,091.31 $189,896.50 $188,697.81 $187,495.23 $186,288.73 $185,078.32 $183,863.97 $182,645.68 $181,423.43 $180,197.20 $178,966.99 $177,732.78 18 19 20 22 24
