Good day, friends. I received the first of 180 mortgage payment bills yesterday for my new mortgage. Upon opening it, I was taken aback.A Little Here, A Lot There
As I have previously mentioned, my new mortgage will run me only slightly more than the old one, on a monthly basis. Heaven forbids me to pay the amount they demand for any loan; I always pay more for every loan I have. With the extra amount on top of the regular payment I'll be making some real headway.
A quick number crunch tells me that the new mortgage will cost me 7.69230% (repeating, of course) more per month, with a nearly 300% increase in the amount going to principle. Of course, by putting just a little more on top each month I'll get that 300% up even further in no time.
The moral of the story here is to skip right past the 30 year mortgage when you buy and go right for the 15 year jobber. And for God's sake, keep dumb broads off the paperwork!
Over and Out,
Old Coot
Thursday, March 22, 2007
A Little Goes a Long Way
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