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I have a 30-year fixed rate mortgage and the payment of capital, what, "The unpaid interest amounts to private

I have a 30-year fixed rate mortgage and the principal payment, what does "The unpaid interest amounts to the principal" and she said yes. What does this mean? As if I have 10 years to pay off the balance, but I want to pay in full, I have to repay the principal plus the interests of 10 years left? I am confused, Please help me.

No, this does not mean you have to pay ten years of interest if you pay the balance. What this means is that the day after your payment, interest begins accruing on your loan. Thus If your balance is exactly $ 100,000 from the date of your most recent payment, your balance again one day later would have $ 100,000 more days' of interest one. If you want a balance overall gain, you should ask the financial institution for a sales gains. They usually cite the gain in ten days the future because most of the time, homeowners "pay" their mortgage with another mortgage, which allows time for treatment. But any gain loan include only the principal balance plus interest accrued since last payment, unless you do not make full payment or you have a mortgage loan with a prepayment penalty. If you have a prepayment penalty, which will be detailed in an amount or a percentage amount. Usually Subprime or Alt-A loans are subject to prepayment penalties. Traditionalmortgages of prime borrowers (those with good credit), mortgages FHA and VA mortgages have no pre-payment penalties.

Quicken Loans Refinance – Graham Goodrich Mortgage Banker