Previous Owner’s Debt

In a document with all of our loan applications and everything regarding the mortgage, there’s info from the U.S. Department of Housing and Urban Development. It shows how much the seller owes on his mortages:

1st mortgage: $72,991.20
2nd mortgage: $11,285.55

The principal amount on our loan is $90,800.

If we pay just our  monthly payments for 13 years (how long the previous owner lived there), we’ll owe: $67,310.26.

Pay an extra hundred a month? $49,379.56

Pay an extra two hundred? $21,977.68

Playing with amortization tables really make me want to pay our mortgage off much faster than 30 years. Two hundred a month isn’t that much, really. We’d have it paid off in right under 16 years. (Not that I’d guess we’d live there that long…)

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: