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amortization schedule q

By Oxygen   Follow   Wed, 2 Jan 2013, 9:46am   353 views   7 comments
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is there a name for the month when the mortgage payment goes from more interest than principal reduction to more principal reduction than interest (i'm thinking "breakeven month" but that doesnt sound right for the scenario).

for example
i = 7%
n = 25 years
principal = 200k

http://www.amortization-calc.com/#loan-200000-25-7-1-2013-2
according to this amort table in the link above, on 2/2028, the mortgage payment becomes more principal reduction than interest payment.

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1. robertoaribas Follow Befriend (23) 55 threads 3,793 comments Scottsdale, AZ robertoaribas's website

   1   9:48am Wed 2 Jan 2013   Share   Quote   Permalink   Like   Dislike   it changes every month...no there isn't any special name for a particular month.

2. Oxygen Follow Befriend 14 threads 158 comments Brooklyn, NY

   2   9:50am Wed 2 Jan 2013   Share   Quote   Permalink   Like   Dislike   i'm curious about that specific month when the principal reduction overtakes the interest portion

3. Call it Crazy Follow Befriend 229 threads 2,777 comments

   3   7:22pm Wed 2 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike   Oxygen says i'm curious about that specific month when the principal reduction overtakes the interest portion It doesn't matter, you won't be living in that house in 2028....

4. Oxygen Follow Befriend 14 threads 158 comments Brooklyn, NY

   4   7:31pm Wed 2 Jan 2013   Share   Quote   Permalink   Like   Dislike   Call it Crazy says It doesn't matter, you won't be living in that house in 2028.... based on statistics, you would be correct

5. EastCoastBubbleBoy Follow Befriend (11) 104 threads 455 comments Premium

   5   10:06pm Wed 2 Jan 2013   Share   Quote   Permalink   Like   Dislike   Protected   Well if there is no name, I think we should try to come up with one.

6. EastCoastBubbleBoy Follow Befriend (11) 104 threads 455 comments Premium

   6   10:23pm Wed 2 Jan 2013   Share   Quote   Permalink   Like   Dislike   Protected   Tried uploading chart based on the example in your OP - but couldn't seem to do it. The "breakeven" point (for lack of a better term) occurs at month 182 (out of 300)

7. Oxygen Follow Befriend 14 threads 158 comments Brooklyn, NY

   7   5:03am Thu 3 Jan 2013   Share   Quote   Permalink   Like   Dislike   EastCoastBubbleBoy says Tried uploading chart based on the example in your OP - but couldn't seem to do it. The "breakeven" point (for lack of a better term) occurs at month 182 (out of 300) yea, $706.07 interest portion, $707.48 principal reduction portion, and a mortgage balance of $120,333.77