For the first loan payment, how much money will go towards interest and how much money will go towards the outstanding balance?
Is my answer for this correct^?
So assuming that I am buying a $450,000 home and put in a %20 down payment of $90,0 00 then I would have a total mortgage of $360,000. Now assuming it is compounded monthly and a 30-year mortgage with an annual interest rate of %3.5 then I would have monthly payments of approximately $1616.56. Furthermore, over the 30 years of monthly payments, I would pay approximately $581961.92 which is $221961.92 of interest from the original $360,000 outstanding balance. This would mean with my first monthly payment approximately $616.56 will go to the accumulated interest and approximately $1000 to the original outstanding balance.