Hi,

Does somebody knows how to find out outstanding balance of mortgage after couple of months or years? I would like to see how my capital is going down month after month or years. Mortgage timetable repayment. I do not have a mortgage jet but I would like to see how it is working in real and compare with interest only mortgage. Some people say that interest only mortgage is better if you buy just for couple of years.
Thank you.
Stan.

We get a statement from our mortgage company every so often, every three months, this information is always on it. Contact your mortgage company and ask them to send you a statement or see if you can go on line (with a password) and get it that way.

"IF" if you are going to buy and resale in a few years, and if market values keep going up a lot.

"BUT" but if you buy in a area that the value of the home stays the same, or worst goes down?

On a interest only loan, you pay all your fees, and you pay a lower monthly sum because you are not paying anything each month toward the principal. So if you borrowed 100 percent value of the home, if that home lost value, you could not sell it for enough to even pay your loan off.

But if you buy in a place where values go up 10 percent, or if you buy a bad house and fix it up to sell, yes there are a place for these types of loan.

I would just be very careful not to over buy and be stuck with a home

This is called amortization. You can get an amortization schedule template for most spreadsheet programs. There are also web sites that will create one for you. My monthly mortgage statement shows the principal balance of my loan, so check with your mortgage provider to see if they do that. Most will also provide an amortization schedule on request. Also I use Quicken and it keeps track of loans like that as well.