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February 9th, 2008, 07:58 AM #1Yikes, that's a lot of interest
Been gathering documents to work on my 2007 taxes and I noticed that I paid nearly $24K in mortgage interest in 2007.
February 9th, 2008, 08:07 AM #2
will help out with your return, though..
February 9th, 2008, 08:30 AM #3
- Join Date
- September 7th, 2007
- Cuautitlán, Edo. de México
February 10th, 2008, 09:00 AM #4
Sounds like you have a fairly new mortgage with most of your payment going to interest and very little to pay the principal. Remember that the interest is calculated on the remaining balance after you make a payment. The balance doesn't drop very fast in the beginning.
Once you are comfortable with the payments, try adding a reasonable amount to each monthly payment. As soon as you can handle that amount increase your payment again. You'll find that the interest will drop faster as your equity increases. Run this through a mortgage calculator and add only $20.00 to each payment. I think you'll be amazed. We did that with a 30 yr mortgage and had it paid off in 15 years. Our 14th year payments were double the required amount. We saved about $135,000 in interest.~Ernie
February 10th, 2008, 09:12 AM #5
I am enrolled in a bi-monthly mortgage payment plan through the mortgage company. I end up paying 1 extra payment per year, which comes to about $150 extra per month.
February 10th, 2008, 12:02 PM #6
I just moved mine with the new house to Chase. Before I was with Countrywide. I never enrolled biweekly or weekly with them (even better) though because they wanted to charge me a fee to make an extra payment. What a crock.
February 10th, 2008, 01:02 PM #7
It's a free service through Wells Fargo. They pull 50% of my mortgage payment from my checking acct every 2 weeks.
February 11th, 2008, 11:04 AM #8mortgage is better than rent
Yep. Mortgage interest at the start is STEEP.
But i agree with the guy who said it is better than throwing your bucks at rent ... and still having leaky pipes...
Hey... if my roof leaks at least it is MY roof.
I got buckets! lol
best yet is to outlive the fully paid mortgage.... and all you pay is
insurance and taxes.... cool. thats were my mom is sitting pretty right now.
specially since we pay the insurance and taxes.
February 11th, 2008, 11:08 AM #9
I paid almost $4,000 in interest last year and I was upset!
Thanks for making me feel better, Seymour Butts!
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