I'm buying a property owner to owner, Principal is $65k at 10% interest. Monthly payments are $800 for 11 yrs. I want to pay this off as soon as I can and therefore am planning to make higher payments when I can. However, I do not know how to calculate the interest, and principal for each months payment so that I can determine how much more I owe on the house. Can someone please explain this to me? I want to keep track of each payment since I am making the payments directly to the seller.
Read more: Calculating Interest on a Mortgage, purchasing Owner to Owner?
