Mortgage Interest Differential Payments
Using the old mortgage figures cited above, with a new mortgage for $40,000 term of 120 months and 9.5% interest rate, the calculated replacement mortgage as computed for a new mortgage with a shorter term. Divide $44,864.83 into the smaller new mortgage of $40,000 giving a factor of .89157 x the estimated MIDP of A$6,481.11 for a MIDP of ... ................
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