How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Rakhi Vasavada Your Own Question
Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2605
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
Type Your Finance Question Here...
Rakhi Vasavada is online now
A new question is answered every 9 seconds

Thank you for taking my question. I have somewhat of a naive

Customer Question

Thank you for taking my question. I have somewhat of a naive question. A loan of $200,000 at 6.25% for 25 years balooning in five years, which will be 2017. $183,529.41 in payments have been made on the loan. What is the payoff on the loan? Thank you for any help with this.
Submitted: 8 months ago.
Category: Finance
Expert:  Richard replied 8 months ago.

Hi Paul. ! My name is ***** ***** I will be helping you today! It will take me just a few minutes to calculate your question and type a response to your question. Thanks for your patience!

Expert:  Richard replied 8 months ago.

I'm going to need a bit more information. Were payments made monthly? What was the amount of each payment? How many payments have been made? Thanks.

Customer: replied 8 months ago.
Thanks. It's going to take me a few minutes. Payments were made monthly as follows: 1/18/12 $792.86, 2/12 (59.26, 3/12 1015.54, 5/12 1049.39, 6/12 1015.54, 7/12 1397.24, 8/12 1397.24, 9/12 1330.70, 10/12 1397.24, 1012-2/14 payments of 1330.70 monthly were made. 3/14 6653.50, 4/14--6/02/14 1330.70 each, 7/14 5322.80, 8/14 6653.50, 9/14 8224.20, 10/14 6653.50, 2/15 6653.50, 3/01/15 5322.80, 3/30/15 1330.70-12/15 1330.70 each, 1/16 26614.00, 2/16 6653.50, 3/16 5322.80, 5/16 26614.00, 6/16 6653.50, and 8/16 1330.70 I hope this helps.
Customer: replied 8 months ago.
Sorry 2/12 payment was $959.26
Expert:  Richard replied 8 months ago.

And, the loan was made on what date?

Customer: replied 8 months ago.
About 9/12
Customer: replied 8 months ago.
Sorry 9/11
Expert:  Richard replied 8 months ago.

Thanks. I will take me a few minutes to prepare an amortization table. I will post it when completed.

Expert:  Richard replied 8 months ago.

Given the random payment amounts and the random payment dates, the preparation of an accurate amortization table for this loan is going to take more time that the normal amortization table. I'll be happy to do this for you through the Premium Services option offered by JustAnswer, but the time involved means I can't do it within the normal JustAnswer forum. If that would be helpful, let me know and I'll extend that offer and you can then decide whether or not to accept. If not, I'll be happy to opt out to open your question to other experts.

Customer: replied 8 months ago.
Please let me think about that. Thanks for your time and work on the answer. Have a good day Richard.
Expert:  Richard replied 8 months ago.

No worries. Take care. :)