[Phil C]

...mortgage payments are soo high when I don't owe much on my house? Please help us understand this, we are first-time home buyers who got a steal of a deal on a house. We bought it for $120,000, approx 2 years ago. My question is, we have a $1,100 monthly payment, and a 30-year loan. Do the math and that's $396,000 we will pay over the duration of the mortgage! Is that right? Can anybody explain this to us? Thank you!