Suppose you make monthly mortgage payments of $1,345 and have 11 years left on the mortgage (next payment due next month). Assuming a 4.5% stated annual interest rate for the mortgage, how much would you need today to pay off the mortgage? I know payment is 1,345, number of periods remaining is 132 (11x12) and  the interest rate monthly is .375 (4.5/12).

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Suppose you make monthly mortgage payments of $1,345 and have 11 years left on the mortgage (next payment due next month). Assuming a 4.5% stated annual interest rate for the mortgage, how much would you need today to pay off the mortgage?

I know payment is 1,345, number of periods remaining is 132 (11x12) and  the interest rate monthly is .375 (4.5/12). 

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Future value and Present value

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