I am calling NFCU first light Monday but why would I still be paying more on interest than principal after 8 yrs? My rate is a fixed 6% since day one and i am still paying about $263 or so on interest on a payment that is about $900 or so. I thought after about 7 yrs it would even out?
Did you ever get a copy of your amortization schedule from the lender?
If you look at it, you will see exactly where the mid point is where the interest and the principal are equal. If you never got one, go to the Bankrate dot com site (or any other mortgage calculator site) and put your info in as of the date the loan was issued. You should be able to re-create the complete amortization schedule.
The lenders always get the money up front. If you were making extra principle only payments, you would have a different end result (and a loan paid off that much sooner!)
You can still acclerate your loan payments and pay off your loan much, much earlier.
In fact, go back to the calculator you were using and just experiment trying an extra payment applied to principal every month or an extra payment every year. You can knock years of interest off your loan that way even if your extra monthly payment is very, very small like $100
This works very well with simple interest loans.