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As your principal is paid down, your interest payments will decrease, as well, and the ratio of your payments will shift toward paying more principal each month. The larger your loan balance, the more interest you will pay. When you start paying back your loan payments, on longer loans (such as mortgages) the majority of your monthly payments will be interest. Rate tables for various loan products are shown in the tabs below. For example, 1 year and 12 months will be added to 2 years.Īre you paying high interest rates on your debts? If so you may be able to take advantage of low personal loan rates, consolidate your debts using home equity, or refinance your local mortgage at today's low rates. ![]() If you enter both values they will be summed. Partial years: If you had 244 months remaining you could either enter 20 years and 4 months or 0 years and 244 months.If you are 42 months into a 30-year (360 monthly payment) mortgage then you have 318 monthly payments remaining. Payments made: If you do not know how much time you have remaining you can calculate the total number of payments in the initial loan term & then subtract how many payments you have already made. ![]()
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