00:01
Okay, so to answer these questions, we need to know a few more details about the original loan, such as the original loan amount, the interest rate, and the term or the duration of the loan.
00:28
But i'll give you a general approach to calculate each of these items based on typical information needed for such calculations.
00:39
Calculations.
00:42
So, one, how much of the original loan have you paid off? so, if we know the original loan amount, we can subtract the current loan balance from it to find out how much has been paid off.
00:54
And two, how much money have you paid to the loan company so far? now, this can be calculated if we know the monthly payment amount and multiply it by the number of payments made.
01:07
Made, 120 payments for 10 years.
01:14
And how much interest have you paid so far? so after calculating the total amount paid to the loan company, we can subtract the amount that has been paid of the principal to find the total interest paid.
01:35
Next question is how much equity do you have in your home? so, equity can be calculated as the current value of the home minus the remaining loan balance.
01:47
The next is new monthly payments after refinancing...