Mortgage payment?

Question

I bought a home for 260,000, my payments are $1,167.52 , I have a 30 yr loan at 3.5%. I have made 17 pmts-can anyone tell me how much has gone to the principal? I cannot figure it out and it's a private loan so please do not ask me to ask the mortgage company. I really would appreciate some help on this one!!!!!!!!!!!!

Answer 1

Even a private lender is required by the IRS , to provide you with an end of year statement that shows the amount that was finance charges (tax deductible) and the amount applied to principal .
Being a private lender , he may be doing some unusual accounting but the first years are almost all % payments , only a few hundred dollars goes to principal .
Did you finance all the $260K ? or did you pay some down payment ?
$260,000 X .035 = $9100 a year in %
$1167.52 X 12 = $ 14,010 1 yr payments sooooo
$14,010 - $ 9100 = $ 4910 roughly for principal for that first 12 payments ( 1 year )
BUT . . .
He is required to give you that info for tax purposes .

Answer 2

You've paid $7,120.88 in principal. You need a financial calculator to figure this out. If you don't have one, use the link below at Yahoo Finance. Just enter your info, and it'll give you an amortization schedule showing how much principal and interest is paid with every payment. Hope that helps.

Answer 3

Rough calculation, a little over $7100 has gone to the principal.

Answer 4

You have paid about $7000 in principal.

Answer 5

After the end of 17 months your principal should be $7100 approx. You outstanding mortgage balance should be approx. $252,700.

Cheers,

http://www.realestate-ontario.com/

Answer 6

You have paid $7120.81 toward principal.

Answer 7

That information should be on your monthly statements