The loan $124,000 with a 30 year agreement and 4% interest. The down payment is 3.5% so I paid $4,430 giving me a balance of $119,660. If I were to pay my monthly payments of $571.28 on time (with no extra payments) for 30 years my TOTAL (with interest) would be $205,659.05. In INTEREST ONLY I will pay $85,999.05.say 10 years into the 30 year agreement my youngest child grows up and does not need a nanny anymore, giving me $200 extra a month.
A. How much would my payments be per month?
B. What would be my FINAL TOTAL COST?
C. How much money in total interest would I save with this plan instead of the original?