Mortgage – ON THE MAIN prepay 30-year fixed-rate loan?
If I have a $ 300,000 5% fixed, 30 Mortgages year, $ 1.650 per month and pay an additional $ 500/mth specifically to be applied to principal, is the amortization table the mortgage company has recalculated every month? Indeed, the low monthly interest charge not just because interest charges decreases each month in a fixed rate loan, but also because monthly payments of $ 500 designated to lead? My mortgage broker has indicated that although my main will be reduced with prepayments, my monthly interest and capital ratios will not vary from the original schedule, because depreciation, payments Advance will be applied on the rear end of the loan (ie the 360th installment payment), compared to the front end of the loan (ie the first payment)? Is this correct? In addition, are effective means for their "self-audit" my mortgage payments to ensure they are applied correctly? Thank you.
Conventional mortgages are written to apply additional payments to prinipal principal only. Indeed you repay the loan earlier this reduces your interest payments. Your home is still sinking effect. There are no new amortization table each time you pay off your capital. You should check with your loan company Mortgage sure, but it is the most classic, 30-year fixed-rate mortgages work.
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