You take out a standard, 30-year mortgage with fixed monthly payments to purchase your house....
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You take out a standard, 30-year mortgage with fixed monthly payments to purchase your house. The mortgage is for $250,000, with a nominal annual rate of 3.6% (monthly compounding). Each month, you send in a check for $1,265.01, which is above the required payment, where the excess payment directly reduces the outstanding balance each month. What portion of your payments in months 25-36 go toward interest? 55.52% 62.84% 64.47% 68.11% 71.76%
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