Does an amortization table auto adjust over time to reflect extra payments to the principle?
I have a 30 year loan at 7% on $ 60,000. The mortgage payment is only
$ 537 with ($ 150)escrow. I pay it each month AND an additional $ 300
towards the principle. Roughly, this will reduce my total term to
have this thing paid for and done in about 11 years based on my
My question is this. I have studied and can easily produce an 30 year
amortization schedule telling me that in 11 years, in 2021 I will
still be paying $ 290 worth of interest PER MONTH. This is based on 30
years, 7% and 60,000.
I am considering refinancing and am aware that 7% is too high,
although it is an investment property.
Does an amortization table auto adjust over time to reflect extra
payments to the principle? At the rate I’m going, will I still be
paying $ 290 on interest in year #11 of the payment, even though my
balance will be very low in 11 years, (with the extra payments I make)
OR is the only way to reduce the amortization or redo it, is to
refinance and shrink the term to a 10 or 15 year loan?