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Originally Posted by KC Kings
I have $220k financed on 5.5% and the mortage payment is $1100.
However, there is more to your monthly payment than just the mortage like insurance, taxes, etc... Our monthly payment ends up being just over $1500 after you add in all of the escrow payments.
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Either you're rate is wrong or your wrong. If you amortize $220,000 at 5.5% for 30 years your Principle and Interest payment is $1249.14. It is possible that your total payment is $1500.
Edit to add: You may have an interest only loan. Which means your balance isn't going down with each payment.