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Old 10-31-2005, 02:13 PM
J_V J_V is offline
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Join Date: Sep 2002
Posts: 1,185
Default Basic Mortgage question

I bought a condo about a year ago. I am paying about 6%. It is a principal and interest loan. The way I understand my pay schedule is that I pay mostly interest in the beginning years (w/ a little principal) and mostly principal in the last years of my mortgage.

If I payed off 150k worth of my mortgage next month, would my next payments pay off a higher % of principle or would I just have 50k deducted off my lumps sum and stay on the same (%interest/principle ratio). I hope that was clear enough.

Essentially I want to expedite the process of getting into a situation where most of my 2300 is going toward principal and not interest. Is this possible?
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