To find out how much of the next mortgage payment will go towards interest, multiply the current principal ($136,683) by the monthly interest rate (0.003333), which equals $455.61.
To calculate how much of the next payment will go towards interest on a mortgage after 10 years with a principal of $136,683, a loan length of 30 years, an interest rate of 4%, and a monthly payment of $860, we use the formula:
Interest = Principal × (monthly interest rate)
The monthly interest rate is the annual rate divided by 12.
So, in this case, the monthly interest rate is 4% divided by 12, or 0.003333.
Interest = $136,683 × 0.003333 = $455.61
So, $455.61 of the next payment will go towards interest, and the remainder of the payment ($860 - $455.61 = $404.39) will go towards reducing the principal.