What is the total loan payoff? Amount borrowed $4500. Interest rate 5.0% 20 year loan no payments made.
I assume that you mean the total cost of the loan over the 20 years. The total loan cost is $4500 (principal paid) plus $2627 (interest paid) for a total of $7127. You can get the answer for other amounts at loan amortization.
I need steps that help me understand the amount of interest we are paying monthly. If I pay more on the principle it seems they charge us more interest...this does not make sense....need the way as I know the amount that we financed.
You need a loan amortization schedule. Go to the link above and put in the particulars of your loan. It will calculate the amount of interest and principal you pay each month for the life of your loan. Just be careful if you decide to print it. It wants to print 10 pages every time.