When you sign a mortgage agreement, you commit to repaying all of the money you borrowed to purchase your home. In addition, you agree to pay interest at the rate specified by the lender. Each payment goes first toward interest, then goes toward reducing the balance you owe. The remaining balance on your mortgage, also known as the outstanding principal, is the amount that you still owe the lender.
Locating Remaining Balance
If you've followed the monthly payment plan exactly, with no extra payments, you can look up your remaining balance on the amortization table you received when you took out the mortgage. If you don't have this available, create an amortization table online by entering your mortgage amount, interest rate, repayment term and the start date (see the Resource section). The remaining balance after each payment appears in the rightmost column in the table. If you've prepaid some principal on your mortgage, you'll need to look up the remaining balance on your most recent statement -- or on your mortgage company's website -- because you've deviated from the schedule.
Significance
If you wish to repay your mortgage in full, the remaining balance is the amount you need to pay. It's much less than the sum of all subsequent payments because the payments include interest, while the remaining balance is only the principal. Depending on your interest rate and the length of your mortgage, more than half of what you're scheduled to pay could go toward interest.
Prepayment Penalty
Some lenders have a prepayment penalty that can increase the cost of paying off the remaining balance on your mortgage. For example, you might incur a penalty if you pay off your 30-year mortgage within three years. This is intended to discourage you from refinancing your mortgage right away. Always ask about a prepayment penalty before deciding to pay off your mortgage in full.
Underwater Mortgage
In some cases, your remaining balance may be more than your home's market value. This is more likely if you have a very small down payment and home prices fall at a faster rate than you're paying down your mortgage balance. When you owe more than your home is worth, it's said to be underwater. If you sold the home and used the proceeds to pay the mortgage, you'd still be liable to pay the rest. In this situation, making extra payments on your mortgage can help reduce the balance to the home's market value so you're no longer underwater.
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