We paid $9,286.32 but only $952 of our mortgage actually went to principal — the rest went mostly to

We paid $9,286. 32. We only have $952 of our actual mortgage paid off. 6,000 of that 6,423. 23 has gone to interest. — And $1,911 has gone to taxes and insurance. — 6,000 to interest? — 6,000 to interest. Interest rate is 6. 99%. — So, most people don't realize this or know this, but if you look at your 30-year mortgage and look at the amortization schedule, which gives you the month-to-month breakdown of where your monthly payments are going, vast majority of your monthly payment in the first 5 to 10 years, most of that goes towards interest. In fact, it's not until 10 or even 15 years of making payments to where your monthly payments are now actually going towards making more principal reduction than you are paying interest. So, if you don't believe me, go look at your amortization schedule, and that might just get you start reconsidering this idea, should I pay off my mortgage early or not? I recommend, yes, do start paying off your mortgage early because of this very reason.