mortgage interest – need to know how to calculate interest portion of payment?
If i pay 720ish every 2 weeks for my mortgage and it says my on my mortgage that 80 ish is for property tax so i pay 635 every 2 weeks principal and interest on the mortgage at a rate of 7.89% then what is the amount i pay for interest only fro mthat 635?????
If my calculation is correct – i pay 590 principal and 46 interest every 2 weeks
But that doesnt sound right because i thought interest was the most part of your mortgage so principal is the least amount
So is there a formula to calculate what is interest and what is principal
Reason i am asking is because my wife and i do a part time home business and the accountant for taxes is asking for the amount i pay for interest only so i can write that off as a business expense
Ask your lender for a payment history and it should show all your payments, what went to principal and what went to interest. I believe they are required to provide that information.
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