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The balance is an amount of money owed, or due, on an account or loan.


You have home loan that was originally $500,000. 1 year later, you have paid down $6,140 of principal so the loan balance is $493,860.

Note: if you were to repay a loan in full (using property settlement funds for example), the closing balance, or amount to fully repay the loan may differ as it could include interest accrued since your last loan repayment.


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