2007-03-31 03:51:27 · 7 answers · asked by S m 1 in Business & Finance ➔ Renting & Real Estate
If it takes you 30 years to pay it off, sure why not?
2007-03-31 03:55:02 · answer #1 · answered by Vegan 7 · 0⤊ 0⤋
Is this a 30-year mortgage? Then yes, that sounds about right.
To reduce the finance charge, pay the principal off faster. Each dollar in principal you pay at the start will save you almost two dollars in interest charges in the future.
First, check with your mortgage company to see if there is any penalty for pre-payment of principal. If there is no penalty, then when you make your monthly mortgage payment, include a second check for a few extra dollars and make sure to write on the memo line, "For principal payment only".
This will drastically reduce the amount of finance charge, and help you build equity faster.
2007-03-31 03:57:20 · answer #2 · answered by jackalanhyde 6 · 0⤊ 0⤋
You will if you dont pay it off early. If you make just one extra payment a year you can pay it off in 21 years intstead of 30. I would pay an extra 100 in principle per month if you can afford to.
2007-03-31 03:57:18 · answer #3 · answered by Marcus 1 · 0⤊ 0⤋
yep. That's the way it works. It's called interest. That's what you pay for the privilege of borrowing their money.
2007-03-31 03:54:29 · answer #4 · answered by Always Right 7 · 0⤊ 0⤋
No, that is absolute nonsense, just pay them their 129 in one lump sum and be done with it, I wouldn't stand for that outrage.
2007-03-31 04:09:54 · answer #5 · answered by netthiefx 5 · 0⤊ 0⤋
No you shouldn't, you should write your congressman and demand your right to borrow money without interest.
2007-03-31 04:00:21 · answer #6 · answered by Anonymous · 0⤊ 0⤋
probably. depends on the inerest rate and the # of years.
doesn't seem fair. but someone is allowing you to borrow $129K.
2007-03-31 03:55:27 · answer #7 · answered by Jazz DNA 3 · 0⤊ 0⤋