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Sorry, Momma. I worked in mortgages. It doesn’t work that way. If you borrowed $80K, you pay back $80K. Think of it this way, if I borrow $10 from you to go buy some lunch, but I only pay $7 for it, how much do I owe you? I still owe you the $7 I spent plus the $3 I didn’t. Or worse, the lunch sucked, maybe even made me sick and wasn’t worth 10¢ let alone $10. Well, I still need to pay you back, don’t I?
Actually, it’s more like you borrow $80,000, you pay back $261,159.77—well, to be fair, nearer $132,961.78 at today’s rates, but Jerome and Momma presumably took out this mortgage some time ago, when rates were higher.
Payback on the traditional 30 year mortgage is usually about 3 Times the amount borrowed..That’s why Accelerating the payback on the Principle is so advantageous in the Early years of the loan. .I’ve been paying a bit extra on the principle on my mortgage ever since I first took it out and have cut almost 7 years off the Payback period, so far, according to the online Mortgage calculator..
Ol Skool over 9 years ago
good question
bookworm0812 over 9 years ago
Sorry, Momma. I worked in mortgages. It doesn’t work that way. If you borrowed $80K, you pay back $80K. Think of it this way, if I borrow $10 from you to go buy some lunch, but I only pay $7 for it, how much do I owe you? I still owe you the $7 I spent plus the $3 I didn’t. Or worse, the lunch sucked, maybe even made me sick and wasn’t worth 10¢ let alone $10. Well, I still need to pay you back, don’t I?
John W Kennedy Premium Member over 9 years ago
Actually, it’s more like you borrow $80,000, you pay back $261,159.77—well, to be fair, nearer $132,961.78 at today’s rates, but Jerome and Momma presumably took out this mortgage some time ago, when rates were higher.
Tarredandfeathered over 9 years ago
Payback on the traditional 30 year mortgage is usually about 3 Times the amount borrowed..That’s why Accelerating the payback on the Principle is so advantageous in the Early years of the loan. .I’ve been paying a bit extra on the principle on my mortgage ever since I first took it out and have cut almost 7 years off the Payback period, so far, according to the online Mortgage calculator..