[Bon T]

toward interest and not principle? I have a thirty year FHA fixed rate mortgage. Loan amount is around 120k. I make a payment of 641/m to my mortgage loan excluding the escrow. I almost finish my first year of payment and recently took a look at my statement and found out that only $130 of that 641 amount went to balance while the all of the rest was going toward interest. What is this atrocity? Can anyone explain to me why is this occurring?Also if I wanted to try and pay off the house chunks at a time, how much is the interest going to be provided that if I make minimum payment (641/m) for thirty years the interest I would pay in the end would be 130k. Do I have to pay that 130k of interest if I want to pay off my house sooner? THanks