INTEREST DUE
Portion of a current mortgage payment that covers the interest on the remaining principal amount. In a standard amortizing mortgage, first payments will go mostly to interest due and only a small percentage of the payment will go toward decreasing the principal amount. Upon the next monthly payment, the interest due will be computed on the recent principal amount, which will have reduced slightly from the previous month’s payment. As time passes by, the interest due every month should fall as a percentage of the monthly payment, with more money going toward cutting down the principal.
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