Question: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
- 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? 15,221.00
Here are the questions:
How much money have you paid to the loan company so far (over the last 10 years)?
How much interest have you paid so far (over the last 10 years)?
How much equity do you have in your home (equity is value minus remaining debt) $
Refinancing: Since interest rates have dropped, you consider refinancing your mortgage at a lower 6% rate. If you took out a new 30 year mortgage at 6% for your remaining loan balance, what would your new monthly payments be? $
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