How much do I give to the bank if I sell my house today at the same price I bought if for 2 years ago.

Question

Since in the beginning of the mortgage I pay interest only payments, the amount I owe to the bank as principal interest is virtually the same after 2 years ... I have started to get haunted by the amortization table. I would definably be at a loss if I pay them the principal after all the costs incurred

Answer 1

You owe the balance due on the loan.  Read your loan documents, talk to the company and start making payments on the principal.

Answer 2

You will have to "give to the bank" whatever your current loan balance is.  The selling costs would be yours to absorb.

Answer 3

You have to contact the lender for the pay off amount. Usually is the balance of the loan plus the interest incurred to the day of pay off. Follow the instruction closely on how to pay and the date to pay.

Answer 4

You are not giving them a dime, you are repaying the money they gave you already.

There would be no bank fees for paying it off.   Even pre-payment penalties should have expired at the 2 year mark.