I have a question for bankers or financial people. How much interest should I be paying with this pa

I just asked this question and got several replies, but forgot to say how much the loan was for. Several of the respondents said they couldn%26#039;t answer the question without knowing the amount of the loan. So, It was for around $42,000, and the balance is around $39,500. So here is the original question:

I have a home equity loan with an interest rate of 7.49% (fixed). The monthly payment is $519.78. Of that $290.29 goes to interest, $193.13 goes towards the principal, and $36.36 goes to insurance. My question is: Is the interest they%26#039;re charging me every month correct. Sure seems like alot to me, but I%26#039;m no money man. The people at the bank don%26#039;t seem to be able to explain it to me so I figured I%26#039;d ask the question here. Second question: I know interest rates are falling. Would it be wise to refinance this loan at a lower rate? Is now a good time or are rates going to drop more. Or should I just leave it as it is. Thanks alot for any help.

I have a question for bankers or financial people. How much interest should I be paying with this payment?credit repair

Yes, the amount looks correct. I am a financial expert. Refinancing at a lower rate is great. I look for interest rates to fall, but it is hard to say. It seems like a lot of interest because it if financed for quite a while.

I have a question for bankers or financial people. How much interest should I be paying with this payment? loan

Unless you have a fixed-rate mortgage, the current mortgage interest rates are very important to deciding how much you should pay every month%26lt;!--therefore it is always a good idea to keep an eye on what the rates are doing. If interest rates should rise, so will your monthly payments and again, if interest rates were to fall, so would the amount you would have to pay.

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Monthly repayments made on your mortgage and the amount that was borrowed, is determined by current mortgage interest rates. Different--%26gt;companies offer different interest rates so it is a good idea to shop around for the best deal before settling on one particular lender.|||duuuude, you borrowed against your house to buy a depreciating asset? ouchers. 7.49% is high to pay for an automobile loan. Should have just obtained one of those instead.|||You can not calculate what the payment should be unless you provide the number of years the loan was for. The current balance does not matter in the calculations as the payments are all based on the original amounts. On most loans, the payments may stay the same, but the percent of principal and interest that make up the payment change throughout the life of the loan. The earlier the payments, there is a lot more interest included in the payment 90%+. Banks do this so that if you pay the loan off early, they still earn the max. amount of interest. That is why you can take years off of your loan by making an additional principal payment each month.|||The amount of interest will change every month, decreasing slightly as the principal is paid down. I am unable to verify the number you give for interest -- it is too high, and you need to have a banker walk you through the calculation. As for a re-finance, it probably won%26#039;t help much; the answer may depend on what you learn about the present payments.|||Although your figures seem correct to me, I would need to know how many months your loan is to correctly calculate the principle and interest. I would ask to see the manager or loan officer at your bank, they should have a simple program to do this for you.

I work at a financial institution and inquired with our loan department about interest rates. I was advised that if the rate is 2% less than your current rate it would be advantagous to re-finance. But be sure and calculate closing costs and other fees in the mix.