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Mortgage Principal

Principal is the original loan amount specified on your mortgage note. When you make the monthly payments on your mortgage, you are required to pay a part of the principal along with the interest and your taxes and insurance payments. The principal also indicates the outstanding loan balance of your mortgage excluding any accrued interest or other fees.

Your mortgage may also have the option of prepayment. This allows you to make extra payments towards the principal loan amount at regular intervals of time. Such extra payments reduce your principal loan balance. The interest is calculated on the basis of this outstanding balance. So, you will be paying much low interest when the principal balance keeps on reducing. In addition to this, extra payments towards the principal will also help to shorten the loan period.

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Mortgage Principal
Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

How do I calculate the amortization chart if the monthly payment is $1,103.79 (principle + 6% interest annually). The loan is 47000.00 in 3yrs.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:51 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Amy,

I believe it's a fixed rate mortgage. Right? Well, in that case you can find out the amortization chart using the FRM Calculator.

If you have any difficulty in computing, let me know. I will try and help you as much as I can.

Thanks,

Jerry

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:51 | Post subject:

leoonthego's picture
leoonthego | Joined: March 15, 2010 08:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

im looking to borrow 60,000 for 30year or a 15 year fixed rate what would be my montly payment

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:51 | Post subject:

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi leoonthego,

Your query has been replied to in the given page:
http://www.mortgagefit.com/predeal/about36152.html#155402

Take a look at it. Hope it helps you.

Take care.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:51 | Post subject:

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