Consider a $100,000, 30-year, 6. 9% mortgage with monthly payments. What portion of the payments during the first 31 months goes toward interest?.

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21-07-2022
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Consider a $100,000, 30-year, 6. 9% mortgage with monthly payments. What portion of the payments during the first 31 months goes toward interest?.

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Tutorconsortium361 Tutorconsortium361 · Answer 1 · 2022-08-02T15:23:51+02:00

The portion of the payments during the first 31 months goes toward interest is 82.95%.

What is a mortgage?

A mortgage payment usually consists of four parts: principle, interest, taxes, and insurance. The Principal part is the sum that is deducted from your outstanding loan balance. The expense of borrowing money is expressed as interest. Your interest rate and loan balance determine the amount of interest you pay.

Mortgage Varieties

Conventional loan Best for borrowers with a good credit score.

Jumbo loans are ideal for individuals with great credit who want to purchase a large house.

Government-insured loan - Ideal for consumers with low credit ratings and little money for a down payment.

To learn more about mortgages from the given link:

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