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Krossrunner t1_je9w2jg wrote

Yes, it’s called interest. The bank isn’t going to give you a €250k loan without making any money off it.

Your lender (the bank) should have given you an interest rate on the loan. I’m bad at math so I’m not going to try to figure it out based on the numbers you gave but it’s possible to figure it out.

Welcome to adulthood!! :)

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Cautious_General_177 t1_je9zxo7 wrote

And, as an added bonus, the majority of your mortgage payments goes toward the interest for the first 5-10 years. Note: typically additional payments or “overpayments” go directly to principal, but check your paperwork to verify

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enjoytheshow t1_jebj965 wrote

Most banks at least in the US give you an interest amortization calendar as well since the percentage of your payment that goes towards interest is higher at the outset of the loan.

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