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#1
03-20-2005, 10:34 AM
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how do i calculate the equity gained by paying off a loan?
say that i have a 100,000 mortgage at 6% interest, and am paying $500 a month to pay it off, how do i caculate the equity buildup from each months mortgage payment?
from my understanding, the number is usually around half the payment, if the loan is for 30 years. is there a simple mathematical equation to solve this, or an online java applet that you can enter these numbers into? 
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