Archive for the ‘Debt’ Category

Previous Owner’s Debt

June 27, 2009

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 ourĀ  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…)