Okay so if anyone can help me in the CSS profile process.
I am in the parent housing informations sections
For the Amount owed on home and the amount owed on the primary mortgage for the home, I feel that the amount should be different for my situation but I dont understand fully and I just want to make sure.
So for my data , it is…
Principal–> $724.35
Interest–> $2281.55
Escrow–> 542.91
Total Monthly payment–> 3548.41
For the amount owed on home it says to exclude interest and escrow so I put an estimate total left to pay by multiplying my monthly principal amount by the months left to pay.
So do I include just my escrow and interest for the amount owed ont eh primary mortgage for the home, or do I include principal, escrow and interest or what do I do.
Also if the info is needed my family bought the house for $710000 in the year of 2018.
Oh for heavens sake. Forget your monthly bill.
What is the TOTAL BALANCE OWED on your mortgage? You should be able to access this info online.
If your family bought in 2018 for $710,000…what is the balance owed on the loan they took out. That is what this question is asking.
If they had a down payment…that amount would not be included in the mortgage amount owed…because it’s already paid.
So…if the purchase price was $710,000…and they put $200.000 down…their mortgage would have been $510,000. If they have paid $2000 of the principal…not interest…not escrow…they would now have a mortgage balance left of $508,000.
But really…the parents should either be able to see their mortgage balance on a monthly online statement or one they receive in the mail.
If your parents have only one mortgage on the house, the amount owed and the amount owed on primary mortgage are the same.
Where are your parents in this process? They need to understand that if a kid doesn’t do this correctly, it will be against all your interests. IMO this, fafsa, etc, is not a kid’s job. As it looks like your parents have a big mortgage with little equity, get them filling in the paperwork. Do they KNOW you are filling in this application? If you have a mortgage statement in front of you, the number will be there. This isn’t something you “feel”.
You monthly bill is irrelevant for this exercise (you pay more interest than principal at the beginning of the loan, and more principal at the end). You cannot calculate it from that. But … look at a monthly mortgage statement. It will tell you exactly the total amount remaining on the mortgage. That’s the amount owed on the primary mortgage. If you have taken a second mortgage, such as a home equity loan or a home equity line of credit, add the amount owed on that to the amount owed on the primary mortgage, and that will equal the total amount owed on the home.
The amount owed on the home and the primary mortgage would be the same amount if there is only one loan on the house. It would not include escrow and interest.