Home » Mortgage Loan » Why am I paying only interest on my mortgage?

Why am I paying only interest on my mortgage?

2

Hi- I am in a VHDA loan, 300k, Conventional without PMI, 30 year 6.375%

Need help with comparing FHA vs… I will put 10% down on a home with the purchase price of 225K. I can chose either a 30 yr 4% fixed interest loan, or another lender is offering me a conventional 30 yr…
Need help with comparing FHA vs… I will put 10% down on a home with the purchase price of 225K. I can chose either a 30 yr 4% fixed interest loan, or another lender is offering me a conventional 30 yr…

For the past 3 years I have paid off around 20k a year…but the principal still is 300k. I am only paying the interest.

Why am I paying only interest? When will the principal payments kick in? Do I need to pay more than my monthly payment to chip into the principal? It seems like I am paying all interest first? Does that mean I won’t start paying off my house til year 10 or 15?

And If I am not paying off the principal, I always owe more than what my house is worth! That means I cannot refinance or sell, right?? Suggestions or info is very helpful.

Related Articles
Random Questions
  • Marriott Credit Card Upgrade
    I’d like some advice. I’ve had a Marriott Visa since 2014 with a 8K line. It’s paid off and I’d like to a) upgrade to a higher credit line and b) get either a Personal …
  • Fighting Inquries
    Hi! I saw a few Inquries on my credit report that I dont remember applying for. I sent those financial companies lettes stating to send me proof of this. One of them wrote back and …
  • Feels so hopeless
    Two years ago I got us to the point where we were getting low end credit cards.  Then, I got sick and got late and you know the rest of the story.  Fast forward to …
  • Score changes between underwriting and closing
    I’m about 10 days from closing and am going through a level of psychosis that I’ve never experience before.Final underwriting/approval We are closing in 5 days.* My file was sent to final underwriting for approval.* …
  • Dunning Notice question
    Hello, I was recently approved for a mortgage, and shortly after the approval, I received a dunning notice for a debt that is a little over 5-years-old. The SOL in my state is 6. I …
Random Posts
Random Topics
Register New Account
Reset Password