Our home loan was approved in 2005 and after 6 years of paying monthly amortization, we have paid only 34% of the principal loan amount! This is for a 15 year-loan. Of our monthly amortization, only 16% of that is being deducted from the principal. That is why we decided to pay more than our monthly due because the excess will be charged to the principal amount. This way, we will lessen the number of years we will have to pay the house. We plan on paying some more using our extra money like bonuses and the like, but again, life gets in way. There are more bills to pay and living expenses that has to be prioritized! Oh well,we knew what we were getting into when we took out this home loan and I guess we really just have to live with our choice especially because it will lead to the realization of our dream: that of owning our own home!
And if you want to find out how to compute your mortgage real estate payments, see this mortgage calculator from Foreclosure Philippines.