You can save a significant amount of mortgage interest paid if you make one additional principal and interest payment a year. This will reduce a $30-$year mortgage by around $6$ years. It also increases your equity in the home faster. If you choose to pay one additional. mortgage payment a year by paying $\frac{1}{12}$ of it each month $($make certain to note the extra money is to reduce principal$),$ how much will you pay each month for a mortgage of $$155,000$ at $5\mathrm{.}00\%$ for $19$ years?

Note: Do not round intermediate calculations. Round your answer to the nearest cent.

Monthly payment