Do you just pay the same amount for say a 25 year term give or take interest rates?
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If your mortgage has a fixed interest rate, then the amount of money you pay every month can be the exact same for the entire term of the mortgage (unless you want to pay it off faster). If you have an adjustable rate mortgage, then your bank can change your payment based on what the current interest rates are.
At the beginning, when your principle is the biggest (you’ve borrowed a ton of money), the interest accumulation is huge. If you don’t pay the interest, that gets added to the loan principle, so most of each payment goes to paying off the interest, and only a little goes towards paying off the principle. However, since you **are** paying bits of the principle off, that means the interest accumulation each month is less than the interest accumulating from the previous month. That means more of your fixed payment goes towards paying off the principle, which takes another bit off of the next month’s interest accumulation, and so on.
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