A homeowner has $200,000 home with a 20-year mortgage, paid monthly at 7.25% APR. After five years he receives $50,000 as an inheritance. If he pays this $50,000 toward his mortgage along with his regular payment, by approximately how many years will it reduce the amount of time it takes him to pay off his mortgage?

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The Answer of A homeowner has $200,000 home with a 20-year mortgage, paid monthly at 7.25% APR. After five years he receives $50,000 as an inheritance. If he pays this $50,000 toward his mortgage along with his regular payment, by approximately how many years will it reduce the amount of time it takes him to pay off his mortgage?

A Homeowner Has $200,000 Home with a 20-Year Mortgage, Paid