How much equity do you have in your home equity is value


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 $86,848 left to pay on your loan. Your house is now valued at $170,000.

-How much equity do you have in your home (equity is value minus remaining debt)

-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?

-How much interest will you pay over the life of the new loan?

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Financial Management: How much equity do you have in your home equity is value
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