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378 Comments
Things you never learned in school!! You pay all the interest FIRST!! Banks aren't stupid. they get their money up front!! Read a book!! 🥴
For the life of me, I don't understand what people who bought homes for $50,000 or less who blame the younger generations as being 'lazy' bc they can't afford a home don't understand. For example, our states minimum wage is $7.25. If you spend 30% of your income on housing, you need to make $27. It's basic math. Then they'll say, 'They need to get an education.' You mean,$100,000 in student loans? I have a formal education & still don't make $27/hr. The system is progressively becoming impossible to be successful.
it's cheaper to rent 😂
The American dream of owning a house is a Nightmare. And the plus is, you will Never Own It.
people in their '70s can't seem to figure out how they owned two houses by the time they were 30 and we can't get one. it's all about percentages
are you kidding me
I always dump half of what my mortgage is to my principle as a separate payment it’s helped bring the cost down on my mortgage as well
I paid 16k for a 6k car and was told I still owe 5k. . capitalism just means take advantage of the working class
haha why she reading like she didn't sign the document 😅 baffling what happens when you don't pay attention, huh.
As your balance drops you pay less interest each year. Your interest is determined on amount owed. When you make your last payment, the vast majority comes off principle almost no interest. Someone should have explained that to you.
have they never looked at an amortization schedule? that's the way it has always worked.
Rent where you live, mortgage only to rent to others as a long term investment. Home ownership is a trap... Miss payments, foreclosed, can't pay taxes, you're on the streets. Imagine paying for 15 years and being homeless. VS rent your property or properties out for 15 years, monthly profit as disposable income, equity to borrow against. Rinse and repeat. Renting.. Not stuck, move as often as you choose , not tied down. Home repairs, $0 out of pocket. The 30 yr mortgage is a trap. You pay triple what the home is worth and the bank is betting on you to foreclose.. Imagine paying 200k over 15 years, you get sick, can't work, deplete your savings, and you have nowhere to live.
only about $1,400,000 to pay off your $138,000 home. it's cheaper to rent for sure
Now you know why I destroyed my house and let the bank have it back. They were trying to steal the property right out of the gate.
because you pay most of it goes to your interest and then some goes to off the principal so what you do is you try to make double payments or you send in a hundred or $200 extra each month and tell them that you want that taken off the principal not the interest
send next month's principle with your payment,and eliminate that next month interest
welcome to america......
That's why only a moron would take a loan with seven percent interest on a home
It’s all a scam and we just keep doing it. Only 20 plus people run the world. And there are billions of us. When are we gonna realize we hold the power.
Thats America baby!
But yet we still comply with this greedy system and do absolutely nothing. Much respect to those involved in the January 6th incident
Call your mortgage company and always pay directly to the principal. Anything you want but keep paying your mortgage or get a month ahead only way to beat the interest
Yeah you pay instrest first, then when it gets to about 50/50 instrest and principal the bank will try to talk you into refinancing to "lower you monthly payment" but that starts the intrest all over.
They will pay over 600k for that140k home which a wethy person will pay 140k. Rich get Richer.
only 30 yrs of that then you are too old to do anything fun in life
it's cheaper to lose Pride buy raw land start in a tent an build your home a room at a time. buy your raw land with Cas in full the cheapest piece of crap land you can find it will be paid off and so will everything you build on it! I saved junk metal 3 years cashed it in all at the same time. it made me $10,000 dollars. I bought a 1/4 acre of raw land in a flood zone for $4000 and put the other $6000 into solar, building materials. Hand dug my well with a shovel in 7 days. rented a porta potty with service($50 a month) I've built a two story room around my tent remove the tent built the floor. and a second room beside it. code man came to throw me off for living on it without paying impact fee's 5 years ago when I first moved on the land. I told them I will fight the sheriff to live on the land I own before I fight the sheriff to camp homeless in Walmart parking lot! I own this shit the deed says "for the Natural Man" Right on it. only raw land says it cause it's not developed yet!
read before you sign
the demarats caused it
She just said the quiet part out loud. A mortgage is just a large credit card payment and the payment is the minimum amount due which will never get paid off.
welcome to adulting and if you pay more than the minimum amount all the extra goes to principle
yeah the system benefits the rich not average americans..it needs fixed
the rich gotta get their money somehow. taking it from everyday ppl
welcome to the dream
so what's new about this it's always been that way folks. if you don't make extra payments or pay more than your payment and tell them to put it toward principal it's 30 years folks 30 years. after about 15 more of it starts coming off of your principal see they're going to get their interest first. it's been that way since the beginning of house loans. check this craziness out though pay your bills on 4 weeks being a month because that means you get paid four times during the month. or however balance your budget that way and just pay it every 4 weeks you'll pay it off and almost 7 years early. why you're making an extra payment every year 52 weeks in a year but only 48 if you divide months by 4 weeks so you haven't a whole extra month worth of income to put down on that house now if you spend a whole month's worth income the average person pays it off 12 years early. saving boo cues and interest because you're paying down your principal the entire time
yeah. that's how it works. good job guys. make an extra payment every year. it will go directly to the principal
I'm happy with renting. A person actually owns their house anyway. If you ever get it paid for in your lifetime, you still have taxes and maintenance costs.
When college kids are shopping and partying on student loans they're stunned at how loans work after they graduate.
You should have paid attention in math class when they went over percentage and intrest.
pay your interest off first. sometimes thats an option with some bank loans.
Put an 💯 on each payment
that's the way it has always been on anything you finance. you always pay the internet back first
make extra payments a month
the cost of borrowing money
If you make one extra payment a year, even if you divide that payment into 12 months, you will payoff a 30yr mortgage in 20 years.
Yes you pay more interest up front this is how this works you're making yourself look ignorant
My husband payed our mortgage, every month he would put $40.00 towards the principle, when he got a bonus same, towards the principle, we paid off our 15 year mortgage in 9 years.
so 805 a month went to interest..