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Bank payment did not change how much i still owe?*
A payment I made towards my house that I'm paying off did not deduct how much I owe?
Answers:
1) If you don't understand how your loan is amortized, have the lender provide an amortization schedule for you. You probably received one when your loan was originated.
2) Either there was a error when processing payment or you're asking why the loan balance did not decrease by the amount paid. First, look online or call the lender and see if they received the payment. If they did receive it, see if there are any late fees or other fees that ate up that payment. Like all loans, mortgages are made up of the principal and the interest. Each month interest accrues based on the balance of the loan at the rate (APR) described in the terms of the loan. The early payments on the loan pay more interest than principal; later payments (not late payments, but payments later in the life-cycle of the loan) pay less in interest and more toward the principal. This is because the interest is calculated on the balance and the less owed, the less interest is accrued.
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