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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (317894)	1/2/2007 3:53:45 AM
From: tejek	Read Replies (1) \| Respond to of 1573902

You don't start paying off the principal until the 16th year. That isn't true. You pay some of the principle off in your first payment, or at least by your 2nd. Perhaps the portion of the payment going towards principle doesn't exceed the portion going to interest until the 16th year, but the principle owed goes down from the beginning. Yes, you are right........its not until the 16th year where the monthly mortgage payment is all principal. Up til then, most of the monthly payment is interest but that gradually lessons as a mortgage approaches its sixteenth year. Having said that, my point still stands.......we pay a lot of interest for the privilege of having a mortgage.