How Can I Figure My Mortgage Principal and Interest

09 Nov How Can I Figure My Mortgage Principal and Interest

My bankruptcy clients frequently ask me to explain how much of their mortgage payment goes to the loan balance and how much pays interest. This is usually in response to my questions to them in trying to determine the amount of equity they have in their home. For answers to many of your financial questions you should visit our good friends at www.Bankrate.com. Bankrate offers a Mortgage Calculator that lets you amortize the monthly payments on your entire mortgage and provides you a breakdown of principal, interest and declining balance owed. Try it out at http://www.bankrate.com/gookeyword/calculators/mortgages.asp.

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Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.
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