My complaint is that payments are due on the 15th of every month, no grace period. If you make a payment on the tenth of the month than the next month make it on the 15th, you're charged another 5 days interest because they gave me some nonsense about interest accruing daily. They say it's a thirty day cycle for the interest accruing. At this rate this loan will never get paid off. Actually, it will get paid off.
Mortgages are always skewed so that the first few years are spent paying interest.
As the loan ages, more and more of each month's payment goes to principal. By the end, virtually all the payment goes to principal. Until this last December my statements did not include the payment breakdown. My payment is due on the 10th of every month, with a 10-day grace period. I am planning on paying off this loan within a week and would like some advice.