Couple have 240 payments left on their mortgage the, Ask an Expert

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Couple have 240 payments left on their mortgage. The payments are 1320$ per month and interest rate is 8.2%.

If couple increase their payments to 1500$ per month, when will the mortgage be paid off?

If couple refinance the remaining balance on their mortgage at 5.6% for 15 years, what will be their new monthly payment?

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