Oshkosh, WI · Member since 2017 · 26 posts · 6 votes
How can i figure out how much of my payments are going towards interest and principal?
I found an online calculator for finding my monthly payments, but how do I know how much each month is for interest?
For example, for simplicity sake if I had a loan for 100k at the interest rate of 5% over 30 years. My calculation says the monthly payment will be 536.82. How do I know how much of that is interest and principal? Is it just even each month?
Over 30 years it would be total cost of $193,255.78. So the total amount of interest paid was $93,255.78. Are my assumptions correct on that on how the interest is paid?
However, I understand that earlier you are mostly paying interest. So how do I know for each month is interest and how much is principal?
Bergenfield, NJ · Member since 2018 · 38 posts · 8 votes
8y
For example, for simplicity sake if I had a loan for 100k at the interest rate of 5% over 30 years. My calculation says the monthly payment will be 536.82. How do I know how much of that is interest and principal? Is it just even each month?
@Andy Thoman- my question is even worst: How did you get 536.82?
Can you break it down please?
Thanks
Just type it into an "amortization schedule" (google it), it will give you the monthly payment and principal / split. Assume on a 30 year loan most of the payment is going toward interest.