As a mortgage holder, it is advisable to seek the lowest interest rates possible. I wanted to see how changing my payment would affect the life of the loan.
The chart, Life of the Loan compares 2 Scenarios: Paying the minimum amount, vs. Paying additional principal. The chart depicts the following in both scenarios.
The chart, Payment Breakdown over Time breaks down the following aspects of a mortgage, over time.
Disclaimer: Don't bank on this.
| Period | Balance | Payment | Principal | Total Principal | Interest | Total Interest |