Current mortgage payment, Assume your current mortgage

Current mortgage payment

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Reference no: EM131861308

Assume your current mortgage payment is $900 per month. If you begin to pay $1,000 per month (with the extra $100 per month going to principal) which of the following will be true?

A. the total interest expense will increase $1000 monthly payment compared to $900 monthly payments

B. The total paid (principal and interest) will increase with 1000 monthly payment compared to $900 monthly payments

C. The total principal paid will decrease with $1000 monthly payment compared to $900 monthly payments

D. The mortgage balance will decrease faster with $1000 monthly payment compared to $900 monthly payments.

Reference no: EM131861308

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