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I took out a loan for $20,000. I signed on for a 6.99% interest rate, as well as insurance for 1.86600. I make monthly payments of $437.34. To date, I have paid a total of $2,624.04. Of this amount, $1,562.97 has gone towards my principal and $664.28 is listed as having gone to pay interest. $1,562.97 + $664.28 = $2,227.25. Where has the uncaccounted for $396.79 gone? Also, if I signed on for 6.99% interest, how is it that of my total payments, roughly 59.56% has gone to my principal and roughly 40.44% has gone to interest and elsewhere? I am feeling so discouraged. I understand that the way banks calculate loans is a bit complicated, but why was I led on to believe that I was signing on for 6.99% plus the 1.86600 for insurance? I mean, 6.99% of 20,000 is $1,398, while in only six months, $1,061.07 has not been applied to my principal, going to interest and whatever else they are calculating. Does this look legitimate? I feel like way too much is not going towards my principal. I thought taking out a loan was going to be a smart move to pay off my debt, but I am really worried now. I would appreciate any feedback. Thanks everyone. Date Payment Principal Interest Balance 3/30/09 437.34 276.34 101.08 18,574.23 3/02/09 437.34 256.46 113.43 18,850.57 1/30/09 437.34 253.85 114.93 19,107.03 12/30/08 437.34 263.18 108.98 19,360.88 12/01/08 437.34 242.54 121.74 19,624.06 10/30/08 437.34 270.60 104.12 19,866.60 10/03/08 PRINCIPAL ADVANCE 20,000.00 10/03/2008 Bank Charges to start loan: $137.30= 20,137.20 10/03/2008 Simple Insurance Rate Change: 1.8600 ACCOUNT INFORMATION Palestine OF APRIL 2009: Principal Balance: 18,574.23 Interest Balance: 3.55 Estimated Net Payoff: 18,579.88 Current Interest Rate: 6.9900% One Day's Interest: 3.55 Amount Due: 04/30/2009 437.34 Last Payment: 03/30/2009 437.34 Interest Paid 2009: 329.44 Interest Paid 2008: 334.84
If you do the math, it looks like the unaccounted for amount is going to the insurance - Everything looks correct.
If you don't really need the loan, don't take it. They always keep within being legal while YOU misunderstood it. I use to have a loan of about $80,000 and every month I pay about $3,000, of which only $1,000 goes into reducing my capital. Like you, I took a loan that promised 6.5% interest, but after 2 months, when I add up all I have paid, and the balance in the loan, it works out to about 19% interests. Crazy, but when I read the fine prints, they didn't step out of line. Learn how to cut costs, live frugally, and when you are back on track, don't take another loan.
Reality. You are learning the reality of being a borrower. Go to bankrate.com and look at the amortization models. I did not verify your information (you've posted way too much). But, you can check it.
Yes it does look ok. most of the money will go to interest first. and you will pay less in interest every year