hiyaI have a fixed rate loan with "no prepayment penalties"My understanding is that loan payments are scheduled such that early payments are almost entirely interest while late payments are almost entirely principal. If I decide to pay down or refinance a portion of the principal, how is interest calculated?It seems as though my interest would have to be calculated as if I were paying/will be paying equal proportions of principal and interest at each payment, then the total interest calculated, then the new total interest redistributed according to some sort of interest-up-front distribution (amortization?). Is this the case? Or is the interest paid up front water under the bridge? In which case I'd view it as a substantial prepayment penalty. thanksy
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