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Submitted 205 days ago...

lenimbp

lenimbp

New User (3)

Loan question

I have a loan for 182000.00 with 11.75% and my payments were 1830.00 a month. but now my payments have lower to 1663.00 what is my new interest %rate.

 
 
 
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Answer 1 / 2

Submitted 172 days ago...

mpyoung33

mpyoung33

Beginner (31)

Need the term of the loan to figure this one out. It sounds like this is a revolving line of credit which has no exact term. You only pay interest on the principal balance. I think your interest rate is still 11.75% and your principal amount has decreased over time therefore lowering your monthly payment.

 

Answer 2 / 2

Submitted 172 days ago...

mpyoung33

mpyoung33

Beginner (31)

I assume it is a 30 yr mortgage. What kind of mortgage is it? Is the mortgage company rewarding you for on time payments or something like that? With what you have given me your new interest rate is about 10.55%. 1.2% is a pretty good drop

 
 

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