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.

Down payment: $16,000

Loan amount: $144,000

Current monthly payment on existing mortgage: $1158.65

Total interest that will be paid over the life of the existing loan: $273,114

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.

Part of the original loan amount that has been paid off (not including loan balance): $15,221

How much money have you paid to the loan company so far (over the last 10 years)?

Answer rating: 100% (QA)

To determine how much money you have paid to the loan company so far you can calculate the total am... View the full answer