![]() |
|
|
|||
|
I am living in a house with two bedrooms and two bathrooms here in Miami, Florida. In two or three years, I have to leave the area because of my business. I need to transfer back to New Jersey. I don't know how much of my mortgage payment will be going to the principal cost? How much to the interest? Should I buy a new house in New Jersey? Alternatively, just rent a house? If the payments are going to the interest, then I might as well rent and not worry about insurance and taxes. What do you think?
|
|
|||
|
When you get a loan it starts out that most of your payment goes to interest and as time goes on it is applied more to the principal.
For Example: First Month of Loan $2,000 mortgage payment. ($2,000 goes to Interest, $0 goes to Principal) Last Month of Loan $2,000 mortgage payment. ($0 goes to Interest, $2,000 goes to Principal) It's like a large X if that makes sense. Hope that helps!
|
![]() |
| Thread Tools | |
| Display Modes | |
|
|