My down payment doesn’t reflect correctly on my mortgage!

[/u/Mysterious-Sign-1532]

My purchase price was $400,000, we put $20k down (5% down) as a first time homebuyer. Our loan amount was $380,000 at 6.25% interest… It’s been about a year now of straight payments and my unpaid principal balance still shows $382,507! How is this possible? Shouldn’t the down payment bring that down to $380,000 from the purchase price and then even further down during the Length of the loan?

submitted by /u/Mysterious-Sign-1532
[link] [comments]
My down payment doesn’t reflect correctly on my mortgage!
Continue reading...