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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!! 🥴
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
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.
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
Your math ain't mathin. $1200 a month is $14,4000. You said $9k. Lying
Yes you pay more interest up front this is how this works you're making yourself look ignorant
have they never looked at an amortization schedule? that's the way it has always worked.
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.
ya...thats how loans work...cars too....you proportionally pay more interest on the front end of the loans....and less on the back end...of you don't know this going in...you should be doing more homework on how loans work BEFORE you go get them
you didnt read the finance agreement prior to purchase.......find a better loan.
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.
well you'll need to refi when raids go nice and low I got three and a quarter percent that'll save you a lot of money
you pay the balance of interest first before you pay on the principle.
The interest is all tax deductible
Do you understand a mortgage?
you're lucky you're paying 7% on a $138,000 house. most average houses are around $300,000
it's all disclosed in your closing documents. same with auto finance.
Try reading the gosh darn contract BEFORE signing.
this is real life
We all again broad when we buy homes, it shouldn't take thirty years to pay him off.And more payments should go to the principal versus the interest and loans.And taxes
I'm glad I paid off my mortgage last summer. I just received my interest on my mortgage for last year and it was $67
hang in there. you are working toward a lifetime goal. it WILL pay off one day.
🤣🤣🤣They could have at least had realistic figures. The math ain't mathing.
so 805 a month went to interest..
It’s just how a mortgage works, when I bought my first home,, interest rate was decent, mortgage payment on my 100k loan was 745 with the majority going towards interest, only slightly over 100 bucks went towards principal
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.
Damn when did u buy the house cuz 7% is alot. When they dropped interest rates to 3% they capped me at $150grand n the market rose so even tho I had 750 credit score AND 15gs to put down I STILL couldn't buy a house n I was making $2700 a month at my job. I gave up.
Let this be a lesson. If you could pay four extra payments per year, that would lower your actual loaned amount significantly over 5 to 7 years. By five years you can consider a better rate and remortgage then at the lower rate continue to "Double up " when possible and that debt will be satisfied before you know it AND you'll still be able to raise your children relatively comfortably.
sounds about right...you pay the interest first. so if you default on the loan, it's pure profit when the take your house.
that is why I will never buy a home it is cheaper to rent a home than it is to own your own land
7% interest is low compared to previous generations
If you take out a mortgage, start by paying $100 more but make sure it goes to principal. The next year, up it to $200. Keep increasing it for the next 5 years but live on a budget. My house was paid off in less than 10 years by doing it that way. Yes, I lived on a budget but it worked. The bad thing was there were no more tax write offs. Booo.
send next month's principle with your payment,and eliminate that next month interest
Wow they found out how a mortgage/ loan actually works. At least the interest is federally tax deductable and property taxes. At the start of all 30 year mortgages the majority doesn't go the the principal amount loaned. If you added extra to your payment you take years off of your motgage. I had a 30 year mortgage and paid it off in 13 yrs.
Interest is what you pay someone for using their money to buy a house that you want. No one twisted your arm. My first house was 12.8% interest.
why not pay an extra 400 a year towards principal only???? Or as much as you can monthly towards only the principal?
It's all disclosed in your lenders documents that you signed in escrow. If you didn't understand what you were getting into you shouldn't have signed the documents. Your agent should have explained your Note rate, initial Federal Truth-In-Lending disclosure and Good Faith Estimate. You need to refinance for a better rate, your current loan is a total ripoff.
Why is the payment $9,000 for a house that was only $138,000? If the were paying extra on their normal payment then you have to specify that you want it applied to the principal not the interest. It’s on you to tell them.
Welcome to the world of amortization. It’s always front loaded. Invest in principal direct payments, it’ll bring your balance down a lot faster.
The interest is high in the beginning, because the balance is highest in the beginning of loan. The interest is based off the outstanding balance. Also side note there is a 0 missing in the home price. It’s should be 1,380,000 for that math to math.
Learning how mortgages work after you commit to a mortgage is foolishness.
Learn how to actually pay off a loan
that's how mortgage work amortization schedule it's heartbreaking
it shouldn't take 30 years to pay off a house. interest will get less per year albeit slowly. suggestion: use extra money to put on your principal. ask at bank. use tax refund. work a part time and or temp job on weekends and put $$ on principal. it cut off several years off our loan. this may shock you. in the 1980s we bought a 1944 built house for $36k with no down-payment. we had $3.65 an hour part time jobs. INTEREST was 11.78 percent! we did other part-time jobs. small town. refinanced 2 times to lower interest.
And this administration wants to offer a 50 year mortgage to home buyers? 🇺🇲🆘🇺🇲🆘🇺🇲
Pay extra on the principle pay it off save 100rds of thousand $ make sure the bank applies to the principal we paid off our house 10 yrs early on a 20 yr loan and it saved us 65 thousand in interest.
thanks goodness we refinanced at 4.99 percent and did a 15 year mortgage 👍👍👍