How much do I need to add each month ?

[steve1]

So here is the math problem. I have a duplex, I owe $51,000 on the duplex, I pay $900 a month for the mortgage, I collect $750 each month from the upper apartment, the mortgage is deducted each month automatically by the bank from my checking account which is used only for this mortgage. There is $1,780 in this account, each month the $750 rent payment is automatically placed in the account. There are 61 payments left on the mortgage. How much money do I need to put in this account as of today to assure that I would not have to put any more money in the account while it is being paid off ?

 

[Harry_the_cat]

So here is the math problem. I have a duplex, I owe $51,000 on the duplex, I pay $900 a month for the mortgage, I collect $750 each month from the upper apartment, the mortgage is deducted each month automatically by the bank from my checking account which is used only for this mortgage. There is $1,780 in this account, each month the $750 rent payment is automatically placed in the account. There are 61 payments left on the mortgage. How much money do I need to put in this account as of today to assure that I would not have to put any more money in the account while it is being paid off ?

Have you learnt the formula for the present value and future value of an annuity?

 

[Barbados]

Did you receive the amortization chart? Should be able to look at that and it will tell you to the penny, unless an ARM in which case the market will change over time.