How much interest/principal have I paid?

Question

Mortgage 105000.00 at nine percent interest. I paid 850.00 per month for 6 months, or 5100.00. I was told that it was all interest...not 1 cent came off the principal balance. Is that correct? I don't have an amortization schedule.

Answer 1

Assuming none of the $850 payment was put in to escrow for property taxes or insurance,

You have paid about $346 in principal and about $4754 in interest.

Your mortgage company should have online access to your account so you can see the amortization of your loan was well as year to date amounts for principal and interest.

Answer 2

If your mortgage balance is 105k and it has remained the same since you started, the payment on your mortgage @ 9.0% interest only is $787.50.  So either a) you're in an interest only loan at a rate of 9.7% or b) you owe more than 105k

How about looking at a mortgage statement?  It will tell you your balance, rate, payment, and interest/principal paid.

ALSO- why on earth do you have 9% on your mortgage??? Current interest rates are much lower EVEN IF YOU HAVE BAD CREDIT.

To learn more about obtaining a refinance loan visit www.asmartloan.com (ca, az, co, mn only)

or bankrate.com (all other states)

Answer 3

That would only be correct if you had an interest ONLY loan.

Assuming this mortgage is amortized over thirty years, you've paid about $4700 in interest, with the remainder being applied to your principal amount.