I HAVE LOST $30,000

I have lost over $30,000 by buying a house in this economy. Here's what not to do as a young homeowner. First, I bought my first home two years ago for $260,000 with a 6.875% interest. At the time, interest rates were very high and that was the rate that I was offered. But one thing I wish I had done a little bit more of is shop around a lot more lenders. I've paid around $35,000 for my mortgage in the last two years, and only about $5,000 of that has actually gone down to pay my house. And the remaining $30,000 has gone straight to interest. If you don't know what amortization is, it's basically how your mortgage payments are structured over time. For example, let's say I owe $220,000 to the bank for my loan. My interest rate is around 6.875%, so the bank charges me interest based on that $220K just for borrowing the money plus $220,000 that I still owe them. The interest gets taken out first, and whatever's left from my payment actually goes towards lowering my principal balance. Within my $1,771 every month for my mortgage, around $327.23 goes to escrow (homeowners insurance & taxes). Principal & Interest $1448.10. Principal $217. Interest $1,231.02. I've been reviewing options to refinance because I'm tired of all my money going straight to interest. Same. Bio and options. Partners. Gonna everyone looking seeing actually long. If you're in the same boat, I have a link in my bio where you can check out and compare refinancing options from different lender partners. Refinancing isn't gonna be for everyone, but it's always worth looking at the numbers and seeing if a lower rate could actually save you money in the long run.