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 $$96,584$ left to pay on your loan. Your house is now valued at $$170,000.$

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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UnattemptedQuestion $6$

Check $0/1$ ptRetries $3$

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

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UnattemptedQuestion $7$

Check $0/1$ ptRetries $3$

How much interest have you paid so far $($over the last $10$ years$)?$

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UnattemptedQuestion $8$

Check $0/1$ ptRetries $3$

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

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UnattemptedQuestion $9$

Check $0/3$ ptsRetries $3$

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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$10$

Check $0/2$ ptsRetries $3$

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

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