Thanks everyone, I know how to figure interest, J C you were right, details below. Math not my thing?

I bought 12.20 acres for 30,000. The payment was 284.78 per month. The interest is calculated at 7.240% per annum. on a 15 year mortgage. After 4 years I've paid nearly 14,484.. and still owe 27,000. Thank you all, math certainly isn't my thing.

Thanks everyone, I know how to figure interest, J C you were right, details below. Math not my thing?
Excel has a very friendly formula to calculate payments and interest.


It is PMT. Play with it and you will find how to draw the table of payments and how much of every payment is interest and how much is principal. In general terms what happens is that the first payment you are paying almost only interest and in the last payment you pay only principal. The proportion changes a little with every payment. After year 7 you´ll be much happier. Hope it helps.