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so i was looking at my mortgage... and i realized i've paid $1000 towards the principle
and $3000 in interest payments  isn't that the very definition of loan sharking??
oh well... luckily for me it won't be like that for much longer and i love my home   She couldn't stop crying 'cause she knew he was gone to stay | |
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emm said: and i realized i've paid $1000 towards the principle
and $3000 in interest payments isn't that the very definition of loan sharking??
oh well... luckily for me it won't be like that for much longer and i love my home Yeah it will...they front load your payments on your mortgage so that you are paying 95% interest in the beginning. Only at the end of your loan do you pay 95% on your principle. That's why it's always smart, if you can afford it, to make extra payments to your mortgage company, but you must stipulate that you want the extra money to be applied to your PRINCIPLE, else they will apply to your interest. Even $20-$30 a month will make a difference in the number of years it takes to pay off a house. Thanks for the laughs, arguments and overall enjoyment for the last umpteen years. It's time for me to retire from Prince.org and engage in the real world...lol. Above all, I appreciated the talent Prince. You were one of a kind. | |
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sooo totally true...
i was playing around with the mortgage calculator changing payments and installments an increase of $130 reduced the life of the mortgage by 14 years!! 
i am fortunate though in that i will be able to pay off a big chunk with the money left to me by my uncle, hence my statement She couldn't stop crying 'cause she knew he was gone to stay | |
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