Paying Off Principal

I don't know how much you borrowed, but at the beginning the interest on that whole debt came to a large amount, which took almost all of your monthly principal-and-interest payment. A little bit was left, though, to be used for reducing the debt. Then the second month you were borrowing just a little less money, so you owed just a little less interest. That left a bit more to be used toward principal than happened the first month. It keeps going on that way. Each month you owe less interest and can pay off more principal. Next year you’ll cut the debt down by more than $3,000, and even more the year after that. Toward the end of the 30 years, your remaining debt will be pretty small, you won't owe much interest on it, and almost all the monthly payment will be getting rid of the remaining principal. That's how amortization works. In other words, you won't be reducing the debt by $3,000 a year. That only happened the first year. Each year after that you'll be reducing the debt faster and faster. I know it’s complicated, sorry. I really need a blackboard to explain this!