Math and interest rates

[Ethan Bennett]

I was reviewing my payment statement from the mortgage company and have always been confused at the interest rate etc.

Right now it shows: Payment-$1350.55, interest-$937.17, Escrow-$78.55
We have a interest rate of 5%
Bought the property march 2006
Currently owe a total of: $224,585.62

We would like to move within 2 years. But the principal is only $334.83 which after 2 years is $8035.92.

We could technically wait a couple of more years, but are scared the interest rates will jump back up before we move.

I know there are professionals on these forums. What are your thoughts on the interest rates in the next few years and are there any tips besides paying more overall or at closing to reduce the principal.

Any tricks or advice on getting the most for your house while selling?