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A mortgage question

A mortgage question# Living

C*S2011-06-09 07:06

1 楼

For a 30-year fixed mortgage, are the principle and interest evenly
distributed over the 360 monthly payments? Or can I specify the amount for
interest and principle for each monthly payment? I have this question
because people told me that most of the payments in the first few years will
be used to pay off interest. So, if I have already paid off all the
interest after the first few years, there seems no need at all to refinance
to a short term mortgage, because I have only principle to pay. Experts
please correct my wrongful interpretation. Thanks.

b*d2011-06-09 07:06

2 楼

你可以用一下的Calculator算一下Amortization的Schedule,以及本金和利率的比例:
http://www.bankrate.com/calculators/mortgages/mortgage-calculat
刚开始的时候肯定是在还利息,后面本金的比例会逐渐增加.

will
refinance

【在 C*S 的大作中提到】

: For a 30-year fixed mortgage, are the principle and interest evenly
: distributed over the 360 monthly payments? Or can I specify the amount for
: interest and principle for each monthly payment? I have this question
: because people told me that most of the payments in the first few years will
: be used to pay off interest. So, if I have already paid off all the
: interest after the first few years, there seems no need at all to refinance
: to a short term mortgage, because I have only principle to pay. Experts
: please correct my wrongful interpretation. Thanks.

n*92011-06-09 07:06

3 楼

you got it totally wrong. your payment this month is for the interest
generated from last month plus the principle pay back. unless you pay off
all your principle, there will be interest generated and you have to pay it.

will
refinance

【在 C*S 的大作中提到】