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Suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment, and financing the rest at 8% interest for
Suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment, and financing the rest at 8% interest for 30 years. Your existing mortgage ( the one you got 10 years ago)
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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