Amortization Schedule
To make your own amortization schedule, you have to have your
interest rate, monthly payment and the remaining principal value. You
take your interest rate and multiply it by the remaining principal
value. You take this number and divide it by 12 as you are using a
yearly interest rate, the result is the interest portion of the monthly
payment. Subtract the interest portion from the total monthly payment to
get the principal portion. Subtract the principal portion from the
remaining principal value and you begin the process over again until you
have no principal remaining.Initially, the majority of your monthly mortgage payment goes towards
interest. In fact, the majority of your payment doesn’t start going
towards principal until year 19! The total amount paid in interest and
principal after 30 years is $488,303.12. $262,067.12 went towards
interest and $226,236.00 went towards principal. If you do not make
extra payments towards principal and pay according to the amortization
schedule you end up paying 2.16 times the original borrowed value.
Amortization Schedule
Amortization Schedule
Amortization Schedule
Amortization Schedule
Amortization Schedule
Amortization Schedule
Amortization Schedule
Amortization Schedule
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