How to calculate home loan interest accrual?

How to calculate home loan interest accrual?

For my home loan let’s say the amount I borrowed was 450,000 and that my interest rate is a FIXED 5.5% , this loan is compounded monthly and the term is 30 years. My monthly minimum payment is 2,555.05, if I only pay the minimum payment each month then in 30 years I will have invested $919,818.00. What I am trying to calculate is how much interest in dollars is accruing each month on the loan (since this will change with the balance, use month one as an example)? The second part of my question is how much money do I have to pay over the minimum payment to pay off the interest that is accruing each month, that way my payment comes off pure principal. Please only the experts answer, I will select a BEST ANSWER” response

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“How to calculate home loan interest accrual?

For my home loan let’s say the amount I borrowed was 450,000 and that my interest rate is a FIXED 5.5% , this loan is compounded monthly and the term is 30 years. My monthly minimum payment is 2,555.05, if I only pay the minimum payment each month then in 30 years I will have invested $919,818.00. What I am trying to calculate is how much interest in dollars is accruing each month on the loan (since this will change with the balance, use month one as an example)? The second part of my question is how much money do I have to pay over the minimum payment to pay off the interest that is accruing each month, that way my payment comes off pure principal. Please only the experts answer, I will select a BEST ANSWER” response

For my home loan let’s say the amount I borrowed was 450,000 and that my interest rate is a FIXED 5.5% , this loan is compounded monthly and the term is 30 years. My monthly minimum payment is 2,555.05, if I only pay the minimum payment each month then in 30 years I will have invested $919,818.00. What I am trying to calculate is how much interest in dollars is accruing each month on the loan (since this will change with the balance, use month one as an example)? The second part of my question is how much money do I have to pay over the minimum payment to pay off the interest that is accruing each month, that way my payment comes off pure principal. Please only the experts answer, I will select a BEST ANSWER” response

For my home loan let’s say the amount I borrowed was 450,000 and that my interest rate is a FIXED 5.5% , this loan is compounded monthly and the term is 30 years. My monthly minimum payment is 2,555.05, if I only pay the minimum payment each month then in 30 years I will have invested $919,818.00. What I am trying to calculate is how much interest in dollars is accruing each month on the loan (since this will change with the balance, use month one as an example)? The second part of my question is how much money do I have to pay over the minimum payment to pay off the interest that is accruing each month, that way my payment comes off pure principal. Please only the experts answer, I will select a BEST ANSWER” response

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“How to calculate home loan interest accrual?

For my home loan let’s say the amount I borrowed was 450,000 and that my interest rate is a FIXED 5.5% , this loan is compounded monthly and the term is 30 years. My monthly minimum payment is 2,555.05, if I only pay the minimum payment each month then in 30 years I will have invested $919,818.00. What I am trying to calculate is how much interest in dollars is accruing each month on the loan (since this will change with the balance, use month one as an example)? The second part of my question is how much money do I have to pay over the minimum payment to pay off the interest that is accruing each month, that way my payment comes off pure principal. Please only the experts answer, I will select a BEST ANSWER” response

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