If the mortgage has 20 years to run, what sum of money will discharge the mortgage, when next payment is due?

A mortgage is repaid by payments of $1200, principal and interest, every 6 months. Interest is being charged at 10% compounded semi-annually. If the mortgage has 20 years to run, what sum of money will discharge the mortgage, when next payment is due?If the mortgage has 20 years to run, what sum of money will discharge the mortgage, when next payment is due?
Maybe I'm not understanding your question, but the amount you will have to pay will be whatever principal you have remaining on your loan, as well as any pre-payment penalties (which I hope you don't have). Pre-payment penalties are sometimes added to the conditions of a mortgage and you have to pay a set amount should you pay off a mortgage before the full term. Pre-payment penalties are bad and no one should ever agree to them to get a mortgage.





So, if you mortgaged $100,000, for example, and you've paid off $10,000 of the principal to date, you will have to pay the entire $90,000 Principal still owed.





You should be getting principal and interest statements in the mail from your mortgage company. Those will have the amount of principal still owed. If you aren't receiving these, call your mortgage company for the total principal still owed on the loan.





One final thing. 10% is an extremely high interest rate. You should look into refinancing to bring that rate down. Fixed rates are around 6% right now and even with bad credit you should be able to do better than 10%.





Hope this answers your question. If you do have pre-payment penalties, make sure next time you get a mortgage you work with a company that doesn't charge those. They pretty much are a scam.If the mortgage has 20 years to run, what sum of money will discharge the mortgage, when next payment is due?
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call the mortgage company and ask for the payoff amount as of 2 weeks in the future. (thats so you will send enough)





It changes daily... because they compound the interest.





If your payment gets theree early... they'll send a refund of the excess. ( a few $...)
Call your lender...
To get an accurate payoff amount call the lender. To get an estimate you can look at the payment schedule you should have received when you first got your mortgage, or you can use a mortgage calculator (there are tons of them on line) to get an estimate. But for an accurate number contact the lender.