How much does he owe?

My boyfriend bought a duplex in Maine in 2009 for 130,000. He's been paying $1300/mo for 11 years. With a 5% interest rate how much does he still owe?[

4 Answers

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  • 2 months ago

    Go here https://www.mortgagecalculator.org/ , or google "loan calculator"

    and enter 130000 for the home value

    enter the down payment value

    enter 5 for interest rate %enter the loan term, usually 15 or 30 years

    enter the start date of the loan, appropriate month, and 2009 for year

    enter 0 for property tax, PMI, Home Insurance, and HOA, unless you know the values

    Click the calcuate button, and that should give you a good estimate.

    For a better estimate, your boyfriend should look online, or call the loan company for what the remaining principal balance is.  Note that this isn't necessarily the amount needed to pay off the loan, there may be other fees involved.

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  • ricky
    Lv 7
    2 months ago

    How long is the loan for?

    • SumDude
      Lv 7
      2 months agoReport

      do not confuse this newbie - lol !! {idk why she mentioned Maine.}

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  • 2 months ago

    DEAR GOOGLE - teach me about mortgage calculators !! 

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  • 2 months ago

    he should have paid it one year ago

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