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## How much interest can I save by paying off my mortgage?

**THE SCENARIO**
Several years ago I borrowed some money to buy a condo. Today, still owe $66,924.65 on this mortgage, with payments of $352.16 per month, at a rate of 3.875%.
If I suddenly came into a pile of money and decided to pay off this mortgage today, how much interest would I avoid paying over the remaining life of the mortgage by doing so?
For simplicity, assume that there's no partial-month interest to satisfy and no pre-payment penalties involved.

**THE SOLUTION**
This problem is a three-stepper.
**$36,962.55**. If I pay off the loan now, I'll save **$36,962.55** in interest over time.
Note that doing this problem doesn’t tell me whether it’s a *good idea* to pay off the mortgage today, it just tells me how much interest I’d save if I decided to do so.

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- The first thing we need to do is figure out how many payments are left on the mortgage.
- Then we need to figure out how much the total payments over that number of months would have been.
- Then we need to subtract the amount I'd pay today to satisfy the mortgage from the total payments I'd make if I didn't pay off the mortgage today.