November 22, 2018 8:23 AM
Short answer is no. Loans are amortized in a way that at the beginning of the loan you are paying mostly interest and at the end you are paying mostly principle. That is why you haven’t paid much down on the principle. Say your loan is a 6 year loan. At 3 years in, half of you payment will go to principle and the other half toward interest. The first year years more interest than principle and the second 3 years more principle than interest. Think of the letter X on a graph where the top left line is interest and the bottom left line is principle.
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