I took out a $110,000.00 15 year mortgage in March 1999.?
We took out a $ 110,000.00 15 year mortgage in March 1999. We attempted to shorten the mortgage payoff in April 2002 by starting a pay biweekly program, in hopes of paying off sooner than the original date of March 2014. Well…, the bank made a mistake in recalculating our biweekly payment schedule. Unfortunately we did not catch this mistake until recently. They now say we will not payoff until March 2017. We are now in a position that we need to pay off the mortgage. We have been told we have approx. $ 43,000 left on this mortgage. Due to the bank’s mistake I believe we have paid too much interest. The bank is taking some responsibility and willing to credit us $ 2,800. Is this a true picture of their mistake or have we really overpaid by much more?