I am trying to understand mortgages. Do I have to pay all my finance charges if I sell my house?

recently I was approved for a loan of 180k on a 189k house. If I live in it for over a year and sell it, do I have to pay off the entire 30 year finance charge of 280k? or am I typically only responsible for the years ecrued interest plus any prepayment penalty and taxes, fees,insurance, etc? I can't find any info on this anywhere. please only serious answers who know about home mortgage finance.I am trying to understand mortgages. Do I have to pay all my finance charges if I sell my house?
Generally, you only have to pay the interest accrued so far. There may be a prepayment penalty or other fees, which you can learn about by reading your mortgage contract.I am trying to understand mortgages. Do I have to pay all my finance charges if I sell my house?
As long as there is no pre payment penalty, you pay what you owe on the principal.
Assuming you don't have a prepay penalty clause, you would only owe the remaining principal.





No one could make you pay for borrowing that never took place. If you paid off the principal, you didn't borrow the money for that period.





Prepayment penalties will charge you a little if you pay it off early, because they want to be able to sell the loan on the secondary market. The buyer there wants to be able to get at least some return on his purchase.





When you sell your property, you will also be responsible for all back taxes due and they will prorate the present year's taxes for the period of your ownership.
LORD NO! You mean that ridiculously high number that is on your Truth-in-Lending statement that you got when you closed on the house that was about 3 1/2 times what the house cost? Nope!





You will get a payoff. You save that interest. The only thing you would have to pay is a pre-payment penalty IF your loan called for one. If your loan is over 3 years old, then it doesn't have one. PPP's over 3 years are illegal.
you would only owe the remaining principal. but watch for prepayment penalties
The figures you have been quoted presume you are going to stay in the property for the entire life of the mortgage. There may be a prepayment penalty of several months interest if you sell in one year but nothing like $280K