Re: "mortgage payments are equity"

IWETHEY v. 0.3.0 | TODO

1,095 registered users | 0 active users | 0 LpH | Statistics
Login | Create New User

Welcome to IWETHEY!

Post #56,313 by a6l6e6x 10/11/02 11:34:42 PM Reply	Re: "mortgage payments are equity" Think again. Look at what portion of the first mortgage payment of a 30 year mortgage is equity. It is mostly all interest! But, as mentioned earlier, interest is a deduction. Alex "In America, anybody can be president. That's one of the risks you take." -- Adlai Stevenson (1900-1965)
Post #57,149 by tuberculosis 10/16/02 11:08:25 AM Reply	Thought about it Make on extra mortgage payment a year and pay off in 17 years. How do you do that? I round up a little. So your mortgage payment is $1020. Pay $1100. Like you're going to notice the missing money. But if you take a look - it totally adds up. Faster than you would think. Anyhow, I have a 15 year and I'm still rounding up to the nearest 100 plus a hundred. It pays off. Which is another thing - given the economy, try for a 15 year and put at least 20% down to avoid the dreaded "mortgage insurance" which is also a ripoff. I am out of the country for the duration of the Bush administration. Please leave a message and I'll get back to you when democracy returns.
Post #57,171 by Another Scott 10/16/02 12:34:56 PM Reply	No need for 20% down to avoid PMI. PMI = Private Mortgage Insurance. Many places offer "80/10/10" or even "80/15/5" loans. First mortgage is 80% of the principal, 2nd mortgage (at a higher rate) for 10% or 15% of the principal, and you make a 10% or 5% down payment. You won't have to pay PMI and the interest on the 2nd mortgage is deductable. (And I think there are even places that offer 0% down mortgages, or used to. I'd be scared of that unless I really understood the costs.) 80/10/10 or 80/15/5 is a great system for those who can't or don't want to put 20% down. I agree with the desire to pay things off early (I'm paying off my 30 year mortgage in 20 years), though there are good arguments (like those given by Ben long ago) that it's a mistake to have too much money tied up in your home (e.g. it's hard/expensive to get it out). Cheers, Scott.

What's your thoughts on buying a place in this econ? - (inthane-chan) - (38) - Oct. 2, 2002, 11:20:43 AM EDT

Re: What's your thoughts on buying a place in this econ? - (deSitter) - Oct. 2, 2002, 11:23:36 AM EDT

Keep in mind... - (admin) - (5) - Oct. 2, 2002, 11:25:18 AM EDT

Exactly what happened to me - (drewk) - (2) - Oct. 2, 2002, 11:41:46 AM EDT

One other thing though... - (admin) - (1) - Oct. 2, 2002, 11:47:18 AM EDT

Student loans are already a deduction. - (inthane-chan) - Oct. 2, 2002, 12:05:36 PM EDT

Also, keep in mind property taxes. - (a6l6e6x) - (1) - Oct. 2, 2002, 05:37:11 PM EDT

Interesting facet of Michigan tax law: - (admin) - Oct. 2, 2002, 05:53:04 PM EDT

What doe s Marysville look like for housing and how far is - (boxley) - (1) - Oct. 2, 2002, 12:40:18 PM EDT

One big problem. - (inthane-chan) - Oct. 2, 2002, 01:19:00 PM EDT

Beware the bubble - (marlowe) - (16) - Oct. 2, 2002, 12:53:34 PM EDT

Less chance of a bubble in residential real estate - (drewk) - (11) - Oct. 2, 2002, 01:15:35 PM EDT

Seattle == Silicon Valley/2 - (inthane-chan) - (6) - Oct. 2, 2002, 01:27:04 PM EDT

We're looking to sell soon. - (Brandioch) - (5) - Oct. 2, 2002, 03:13:24 PM EDT

Hey, where do you work, anyways? - (inthane-chan) - (4) - Oct. 2, 2002, 03:37:45 PM EDT

One Convention Place -NT - (Brandioch) - (3) - Oct. 2, 2002, 07:50:48 PM EDT

LMAO! - (inthane-chan) - (2) - Oct. 3, 2002, 11:12:39 AM EDT

Week after is the soonest. - (Brandioch) - (1) - Oct. 4, 2002, 11:34:00 AM EDT

Need contact info... - (inthane-chan) - Oct. 4, 2002, 11:42:52 AM EDT

Nearly 100% chance IMO - (ben_tilly) - (3) - April 20, 2003, 10:37:33 AM EDT

Re: Nearly 100% chance IMO - (deSitter) - (2) - April 20, 2003, 11:00:53 PM EDT

Yes -NT - (ben_tilly) - (1) - April 20, 2003, 11:05:01 PM EDT

Econ Laureate LRPD: Unintended consequences -NT - (Ashton) - April 21, 2003, 05:38:58 AM EDT

Commented on that in my original post. - (inthane-chan) - (3) - Oct. 2, 2002, 01:23:48 PM EDT

Doesn't add up - (drewk) - (2) - Oct. 2, 2002, 01:57:36 PM EDT

The houses aren't what's causing it. - (inthane-chan) - (1) - Oct. 2, 2002, 02:06:07 PM EDT

OK, I get it. In the 70s that land would be 2 dozen lots. -NT - (drewk) - Oct. 2, 2002, 02:28:12 PM EDT

You need to compare it to the alternatives. - (Another Scott) - (2) - Oct. 2, 2002, 02:36:43 PM EDT

Something else re: condos - (drewk) - (1) - Oct. 2, 2002, 03:26:24 PM EDT

To add another twist: - (admin) - Oct. 2, 2002, 04:51:33 PM EDT

Don't - (ben_tilly) - (2) - Oct. 2, 2002, 07:52:46 PM EDT

Here's the trick: - (inthane-chan) - (1) - Oct. 4, 2002, 11:50:59 AM EDT

Quick questions to ask yourself. - (ben_tilly) - Oct. 5, 2002, 05:49:49 PM EDT

Totally depends on when and where - (wharris2) - Oct. 4, 2002, 11:59:18 AM EDT

Rent is a ripoff - (tuberculosis) - (4) - Oct. 11, 2002, 10:32:02 AM EDT

Re: "mortgage payments are equity" - (a6l6e6x) - (2) - Oct. 11, 2002, 11:34:42 PM EDT

Thought about it - (tuberculosis) - (1) - Oct. 16, 2002, 11:08:25 AM EDT

No need for 20% down to avoid PMI. - (Another Scott) - Oct. 16, 2002, 12:34:56 PM EDT

Don't forget to factor in: - (wharris2) - Oct. 14, 2002, 05:28:49 PM EDT

Ninety-none-point-lots-of-nines percent of the galaxy is empty blackness.
55 ms