The Motley Fool Discussion Boards
Personal Finances / Buying or Selling a Home
|Subject: Fixed HELOC principal/interest varies??||Date: 11/19/2012 9:59 PM|
|Author: HELJinCT||Number: 124431 of 127585|
I have noticed recently that my fixed rate HELOC seems to have varying amounts of principal applied. This was a secondary mortgage (fixed rate HELOC) on my original home loan from years ago using an 80/10 split to avoid PMI.
The monthly amount is $480.22
2 months ago, at the bottom of the statement it said:
Payment applied as follows: Principal $237.24, Interest $242.98
Then this month it says:
Payment applied as follows: Principal $127.60, Interest $352.62
That low amount of principal caught my eye as I was under the impression that this fixed rate loan should have a steadily increasing amount of principal (and decreasing interest).
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|