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# I guess these 2 questions are connected: Suppose that 10 years ago you bought a home for \$160,000, paying 10% as a down payment, and financing the...

I guess these 2 questions are connected: Suppose that 10 years ago you bought a home for \$160,000, paying 10% as a down payment, and financing the rest at 9% interest for 30 years.Your existing mortgage (the one you got 10 years ago). How much money did you pay as your down payment? \$16,000

Here's info that we know:

• The existing mortgage (loan) for? \$ 144,000
• current monthly payment on your existing mortgage? \$1158.66
• total interest will you pay over the life of the existing loan? \$273116.36

Here's my question: This year (10 years after you first took out the loan), you check your loan balance. Only part of your payments have been going to pay down the loan; the rest has been going towards interest. You see that you still have \$128,779 left to pay on your loan. Your house is now valued at \$190,000. Your current situation How much of the original loan have you paid off? (i.e, how much have you reduced the loan balance by? Keep in mind that interest is charged each month - it's not part of the loan balance.) \$

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Loan paid in 10 Year \$15,221.00 (14000-128779)... View the full answer

Total Amount uﬂoan
Outstanding Loan Aftet 10 Year
Total EMI Paid For 10Year [Dan paid in 10YEar Total interest paid in 10 year \$144,000 \$123,779 (given)
\$139,038.79 [1158.66‘120]
\$15,221.00...

• Can you help with some additional questions that relate to this problem?
• roblesak86
• May 10, 2018 at 8:50am
• I recently posted..
• roblesak86
• May 10, 2018 at 8:50am
• yes
• rranjan1
• May 10, 2018 at 10:50am

1. T he original loan have you paid off = 99000-84954 = \$14046 2. money have you paid to... View the full answer

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