Individual_Row_6143 t1_jea86w6 wrote on March 30, 2023 at 3:28 PM Reply to comment by wwwhistler in Is it normal to pay an extra 66% of a home loan back to your bank? by TenDogsInATrenchcoat Must have been an interest only loan. A 30-year, 9% mortgage, after 22 years should have owed $43,937.83. You would have paid $169,936.29 total in mortgage payments. The 9% rate is a killer. Using 3% those numbers are $28,754.95 owed and only $89,042.77 paid. That’s a savings of $96,076.40 over 22 years. Now use home costs from today and the differences are even larger. Permalink Parent 2
Individual_Row_6143 t1_jea86w6 wrote
Reply to comment by wwwhistler in Is it normal to pay an extra 66% of a home loan back to your bank? by TenDogsInATrenchcoat
Must have been an interest only loan.
A 30-year, 9% mortgage, after 22 years should have owed $43,937.83. You would have paid $169,936.29 total in mortgage payments.
The 9% rate is a killer. Using 3% those numbers are $28,754.95 owed and only $89,042.77 paid. That’s a savings of $96,076.40 over 22 years.
Now use home costs from today and the differences are even larger.