| [_strat_] Wednesday, March 25, 2009 7:07:38 AM | |
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Yup. I heard a good phrase for it once: "the engine is fine... Theres just nobody behind the wheel."
I so hope hes reading all this...
[Show/Hide Quoted Message] (Quoting Message by Darth_Painkiller_0870 from Wednesday, March 25, 2009 6:55:45 AM)| |  | Darth_Painkiller_0870 wrote: | | Oh, he can read...just not comprehend. It's like being given a brain but no drive to put it to use.
| | | _strat_ wrote: | | Youre giving him too much credit - as if he can read.
He is great at threatening. He already PMd me something about "ending my world", after Ive sent him a "may the fail be with you"... 
Yup... Much fail I sense in him...
| | | Darth_Painkiller_0870 wrote: | | LOL...I do give him credit for bringing his dumbass back for more. Stupid is as stupid does I guess. I hope that Forrest Gump reject reads this post, so he can see that I'm not threatened by him or his dumbass antics.
| | | _strat_ wrote: | | Lol... Ive seen him. Well, he is persistent, to say the least.
| | | Darth_Painkiller_0870 wrote: | | Good Morning all!
I have to say that (having never oned or bought a house), I know only a small fraction of what you're saying Freeze about mortgages (and I do mean a small fraction).
MG, for goodness sakes woman! It would be FARRRRRRRRRRRR simpler and less costly to download and use Turbo Tax then to take to H & R Error.
And I will continue to say that Obama is an amateur playing with a bunch of professionals and he's not faring well. But that's a subject for the politics thread.
Also, has anyone gone over to the newbie area recently? It seems an old nemisis has returned. PM me for details. |
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| [Return_of_Darth_Painkiller_0870] Wednesday, March 25, 2009 6:55:45 AM | |
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Oh, he can read...just not comprehend. It's like being given a brain but no drive to put it to use.
[Show/Hide Quoted Message] (Quoting Message by _strat_ from Wednesday, March 25, 2009 6:03:40 AM)| | | _strat_ wrote: | | Youre giving him too much credit - as if he can read.
He is great at threatening. He already PMd me something about "ending my world", after Ive sent him a "may the fail be with you"...
Yup... Much fail I sense in him...
| | | Darth_Painkiller_0870 wrote: | | LOL...I do give him credit for bringing his dumbass back for more. Stupid is as stupid does I guess. I hope that Forrest Gump reject reads this post, so he can see that I'm not threatened by him or his dumbass antics.
| | | _strat_ wrote: | | Lol... Ive seen him. Well, he is persistent, to say the least.
| | | Darth_Painkiller_0870 wrote: | | Good Morning all!
I have to say that (having never oned or bought a house), I know only a small fraction of what you're saying Freeze about mortgages (and I do mean a small fraction).
MG, for goodness sakes woman! It would be FARRRRRRRRRRRR simpler and less costly to download and use Turbo Tax then to take to H & R Error.
And I will continue to say that Obama is an amateur playing with a bunch of professionals and he's not faring well. But that's a subject for the politics thread.
Also, has anyone gone over to the newbie area recently? It seems an old nemisis has returned. PM me for details. |
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| [_strat_] Wednesday, March 25, 2009 6:03:40 AM | |
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Youre giving him too much credit - as if he can read.
He is great at threatening. He already PMd me something about "ending my world", after Ive sent him a "may the fail be with you"...
Yup... Much fail I sense in him...
[Show/Hide Quoted Message] (Quoting Message by Darth_Painkiller_0870 from Wednesday, March 25, 2009 5:54:13 AM)| | | Darth_Painkiller_0870 wrote: | | LOL...I do give him credit for bringing his dumbass back for more. Stupid is as stupid does I guess. I hope that Forrest Gump reject reads this post, so he can see that I'm not threatened by him or his dumbass antics.
| | | _strat_ wrote: | | Lol... Ive seen him. Well, he is persistent, to say the least.
| | | Darth_Painkiller_0870 wrote: | | Good Morning all!
I have to say that (having never oned or bought a house), I know only a small fraction of what you're saying Freeze about mortgages (and I do mean a small fraction).
MG, for goodness sakes woman! It would be FARRRRRRRRRRRR simpler and less costly to download and use Turbo Tax then to take to H & R Error.
And I will continue to say that Obama is an amateur playing with a bunch of professionals and he's not faring well. But that's a subject for the politics thread.
Also, has anyone gone over to the newbie area recently? It seems an old nemisis has returned. PM me for details. |
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| [Return_of_Darth_Painkiller_0870] Wednesday, March 25, 2009 5:54:13 AM | |
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LOL...I do give him credit for bringing his dumbass back for more. Stupid is as stupid does I guess. I hope that Forrest Gump reject reads this post, so he can see that I'm not threatened by him or his dumbass antics.
[Show/Hide Quoted Message] (Quoting Message by _strat_ from Wednesday, March 25, 2009 5:48:34 AM)| | | _strat_ wrote: | | Lol... Ive seen him. Well, he is persistent, to say the least.
| | | Darth_Painkiller_0870 wrote: | | Good Morning all!
I have to say that (having never oned or bought a house), I know only a small fraction of what you're saying Freeze about mortgages (and I do mean a small fraction).
MG, for goodness sakes woman! It would be FARRRRRRRRRRRR simpler and less costly to download and use Turbo Tax then to take to H & R Error.
And I will continue to say that Obama is an amateur playing with a bunch of professionals and he's not faring well. But that's a subject for the politics thread.
Also, has anyone gone over to the newbie area recently? It seems an old nemisis has returned. PM me for details. |
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| [_strat_] Wednesday, March 25, 2009 5:48:34 AM | |
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Lol... Ive seen him. Well, he is persistent, to say the least.
[Show/Hide Quoted Message] (Quoting Message by Darth_Painkiller_0870 from Wednesday, March 25, 2009 5:34:01 AM)| | | Darth_Painkiller_0870 wrote: | | Good Morning all!
I have to say that (having never oned or bought a house), I know only a small fraction of what you're saying Freeze about mortgages (and I do mean a small fraction).
MG, for goodness sakes woman! It would be FARRRRRRRRRRRR simpler and less costly to download and use Turbo Tax then to take to H & R Error.
And I will continue to say that Obama is an amateur playing with a bunch of professionals and he's not faring well. But that's a subject for the politics thread.
Also, has anyone gone over to the newbie area recently? It seems an old nemisis has returned. PM me for details. |
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| [Return_of_Darth_Painkiller_0870] Wednesday, March 25, 2009 5:34:01 AM | |
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Good Morning all!
I have to say that (having never oned or bought a house), I know only a small fraction of what you're saying Freeze about mortgages (and I do mean a small fraction).
MG, for goodness sakes woman! It would be FARRRRRRRRRRRR simpler and less costly to download and use Turbo Tax then to take to H & R Error.
And I will continue to say that Obama is an amateur playing with a bunch of professionals and he's not faring well. But that's a subject for the politics thread.
Also, has anyone gone over to the newbie area recently? It seems an old nemisis has returned. PM me for details. |
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| [ron h] Wednesday, March 25, 2009 5:23:12 AM | |
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| Hi strat...off to work...have a good one!!! |
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| [_strat_] Wednesday, March 25, 2009 4:43:10 AM | |
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| Good late morning! Where is everyone? |
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| [_strat_] Wednesday, March 25, 2009 4:42:38 AM | |
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Pass it down... They lend it down, to make more money. Its not solidarity.
[Show/Hide Quoted Message] (Quoting Message by Head banger from Tuesday, March 24, 2009 5:47:20 PM)| | | Head banger wrote: | | is it moral to expect part of the world to suport people in a new lifestyle that they were acustomed too because they had introduced new money and toys?
the system of interest is as old as time itself. you borow, you give back more than you took. people create wealth, and pass it down to others.
| | | _strat_ wrote: | | Strat is back!
Well, if I read this and the post about the "bundled up" loans... Youre right, I didnt understand it, and frankly, I dont very well even now. BUT... The fact is still that most wealth is held by the minority of people. They loan it out to the rest of us, on their terms. They have created a system that is very complicated, and yet you have to participate in it, if you want to buy a home, buy a new car... Most people have to, anyway. So, if we are talking about the blame - guess who I put it on.
Then there is the whole international thing. We (and Im talking about most of the "rest of the world" as you would put it) have certainly NOT created this crisis - this crisis came to us from the west. Now, because Americans and Western Europeans cannot afford to buy crap, we get less production, we get layoffs... We get as much shit as we can, before it starts to seriously affect you. The problem is that its the western companies that came here with work in the first place, created a dependency for it, and are now withdrawing it.
Now, I guess its down to moralising and "the flowery rights and wrongs" again... But I dont think there ever was a better time for it than now.
Yup. That was my "final" word on the subject... For now, anyway.
| | | Deep Freeze wrote: | | Good Day to you all!!! Very quiet here, I see. Hopefully, we are all studying about mortgages and interest!! HA!!!!!!! Where the hell is strat??? OK, my "final" words on this subject;
This is not a matter of "simple" interest. This is about amortized mortgage interest. An amortization table will show you how direct-reduction works. When you initially take a mortgage loan, your monthly payment is mostly interest and a little principal. In the first seven years or so, you pay only about 10% of the original balance. The rest is interest payment. It takes roughly 20 years to pay about HALF your balance! Of course, the amount of the principal paid does increase year after year and, in the last five years or so, you get a reversal and are paying mostly principal and little interest.
Keep in mind that, no matter how small the interest payment, you still are paying at the same interest rate. 6% is always 6% throughout the life of your loan. The interest you are paying is on the amount that is outstanding in any given year. The dollar amount of interest you pay goes down because the balance (principal) goes down. The interest rate is still constant.
There are ways to get around the dollar amount paid. It is known as acceleration. Most people do this by paying a half-payment every two weeks instead of once a month. (Bi Weekly) this reduces the dollar amount of interest you pay IF you have a loan that allows it. THERE is ANOTHER story!! Pre-payment penalties! Usually, you are not allowed to pay more than 20% of the outstanding balance in any given year because banks WANT that interest dollar!
There is more but I think I have made my point. I have done this for TWENTY freakin years. It is not a simple formula. MOST people do not understand it and they pay far more than they have to as a result. Class dismissed. |
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| [ron h] Wednesday, March 25, 2009 4:13:22 AM | |
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good night Becks 
[Show/Hide Quoted Message] (Quoting Message by Becks from Wednesday, March 25, 2009 4:09:43 AM)| | | Becks wrote: | | LOL JD
Hiya Ron, sounds like bizarre weather you have there.
I'm off to bed, feeling pretty knackered LOL. Night all 
| | | J.D. DIAMOND wrote: | | I'm doing fine thanks,just listening to "Leather Rebel" ....and laughing because a couple of years ago there was a member named "Solar Angel" and he loved this song and I destroyed him when I posted a picture of "Barney Rubble"(cartoon character from The Flintstones) and told him to sing this in place of Leather Rebel"!! lol! From that point on,all he thought of when the chorus came was "Barney Rubble"....Lightning In The Dark"!!! lol!
(Quoting Message by Becks from Wednesday, March 25, 2009 4:02:03 AM)
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Becks wrote: |
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Heya JD! How are ya?
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J.D. DIAMOND wrote: |
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Good evening Becks!
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Becks wrote: |
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Good morning! Good evening from here! Hope everyone has a great day  |
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Edited at: Wednesday, March 25, 2009 4:09:10 AM |
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| [Becks] Wednesday, March 25, 2009 4:09:43 AM | |
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LOL JD
Hiya Ron, sounds like bizarre weather you have there.
I'm off to bed, feeling pretty knackered LOL. Night all
[Show/Hide Quoted Message] (Quoting Message by J.D. DIAMOND from Wednesday, March 25, 2009 4:08:27 AM)| | | J.D. DIAMOND wrote: | | I'm doing fine thanks,just listening to "Leather Rebel" ....and laughing because a couple of years ago there was a member named "Solar Angel" and he loved this song and I destroyed him when I posted a picture of "Barney Rubble"(cartoon character from The Flintstones) and told him to sing this in place of Leather Rebel"!! lol! From that point on,all he thought of when the chorus came was "Barney Rubble"....Lightning In The Dark"!!! lol!
(Quoting Message by Becks from Wednesday, March 25, 2009 4:02:03 AM)
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Becks wrote: |
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Heya JD! How are ya?
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J.D. DIAMOND wrote: |
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Good evening Becks!
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Becks wrote: |
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| Good morning! Good evening from here! Hope everyone has a great day |
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Edited at: Wednesday, March 25, 2009 4:09:10 AM |
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| [J.D. DIAMOND] Wednesday, March 25, 2009 4:08:27 AM | |
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I'm doing fine thanks,just listening to "Leather Rebel" ....and laughing because a couple of years ago there was a member named "Solar Angel" and he loved this song and I destroyed him when I posted a picture of "Barney Rubble"(cartoon character from The Flintstones) and told him to sing this in place of Leather Rebel"!! lol! From that point on,all he thought of when the chorus came was "Barney Rubble"....Lightning In The Dark"!!! lol!
[Show/Hide Quoted Message] (Quoting Message by Becks from Wednesday, March 25, 2009 4:02:03 AM)
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Becks wrote: |
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Heya JD! How are ya?
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J.D. DIAMOND wrote: |
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Good evening Becks!
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Becks wrote: |
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| Good morning! Good evening from here! Hope everyone has a great day |
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Edited at: Wednesday, March 25, 2009 4:09:10 AM |
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| [ron h] Wednesday, March 25, 2009 4:07:19 AM | |
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Hi Becks and JD...everythings fine here...just can't figure out if it's gonna stay winter or if we're gonna actually have a spring...one day it's 70, the next it's 35 out, strange...
Edited at: Wednesday, March 25, 2009 4:08:39 AM |
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| [Becks] Wednesday, March 25, 2009 4:02:03 AM | |
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Heya JD! How are ya?
[Show/Hide Quoted Message] (Quoting Message by J.D. DIAMOND from Wednesday, March 25, 2009 4:00:20 AM)| | | J.D. DIAMOND wrote: | | Good evening Becks!
| | | Becks wrote: | | | Good morning! Good evening from here! Hope everyone has a great day |
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| [J.D. DIAMOND] Wednesday, March 25, 2009 4:00:20 AM | |
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Good evening Becks!
[Show/Hide Quoted Message] (Quoting Message by Becks from Wednesday, March 25, 2009 3:59:33 AM)| | | Becks wrote: | | | Good morning! Good evening from here! Hope everyone has a great day |
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| [Becks] Wednesday, March 25, 2009 3:59:33 AM | |
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| Good morning! Good evening from here! Hope everyone has a great day |
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| [J.D. DIAMOND] Wednesday, March 25, 2009 3:51:35 AM | |
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Good morning ron,hope all is well!
[Show/Hide Quoted Message] (Quoting Message by ronhartsell from Wednesday, March 25, 2009 3:48:58 AM)| | | ronhartsell wrote: | | | Good morning my Priest brotheren...it's 'hump' day, and hopefully a painless one at that... |
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| [ron h] Wednesday, March 25, 2009 3:48:58 AM | |
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| Good morning my Priest brotheren...it's 'hump' day, and hopefully a painless one at that... |
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| [Deep Freeze] Tuesday, March 24, 2009 5:57:36 PM | |
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Umm.. I would suggest an airplane................... HA!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
[Show/Hide Quoted Message] (Quoting Message by DelivererofEvil from Tuesday, March 24, 2009 5:42:16 PM)| | | DelivererofEvil wrote: | | Evening, fellow Defenders!
Does anyone know the best way to fly into the USA? As in, the cheapest american airlines that travel the Atlantic, and I don't mean coming as a stowaway on a freighter  |
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| [Head banger] Tuesday, March 24, 2009 5:47:20 PM | |
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is it moral to expect part of the world to suport people in a new lifestyle that they were acustomed too because they had introduced new money and toys?
the system of interest is as old as time itself. you borow, you give back more than you took. people create wealth, and pass it down to others.
[Show/Hide Quoted Message] (Quoting Message by _strat_ from Tuesday, March 24, 2009 5:29:10 PM)| | | _strat_ wrote: | | Strat is back!
Well, if I read this and the post about the "bundled up" loans... Youre right, I didnt understand it, and frankly, I dont very well even now. BUT... The fact is still that most wealth is held by the minority of people. They loan it out to the rest of us, on their terms. They have created a system that is very complicated, and yet you have to participate in it, if you want to buy a home, buy a new car... Most people have to, anyway. So, if we are talking about the blame - guess who I put it on.
Then there is the whole international thing. We (and Im talking about most of the "rest of the world" as you would put it) have certainly NOT created this crisis - this crisis came to us from the west. Now, because Americans and Western Europeans cannot afford to buy crap, we get less production, we get layoffs... We get as much shit as we can, before it starts to seriously affect you. The problem is that its the western companies that came here with work in the first place, created a dependency for it, and are now withdrawing it.
Now, I guess its down to moralising and "the flowery rights and wrongs" again... But I dont think there ever was a better time for it than now.
Yup. That was my "final" word on the subject... For now, anyway.
| | | Deep Freeze wrote: | | Good Day to you all!!! Very quiet here, I see. Hopefully, we are all studying about mortgages and interest!! HA!!!!!!! Where the hell is strat??? OK, my "final" words on this subject;
This is not a matter of "simple" interest. This is about amortized mortgage interest. An amortization table will show you how direct-reduction works. When you initially take a mortgage loan, your monthly payment is mostly interest and a little principal. In the first seven years or so, you pay only about 10% of the original balance. The rest is interest payment. It takes roughly 20 years to pay about HALF your balance! Of course, the amount of the principal paid does increase year after year and, in the last five years or so, you get a reversal and are paying mostly principal and little interest.
Keep in mind that, no matter how small the interest payment, you still are paying at the same interest rate. 6% is always 6% throughout the life of your loan. The interest you are paying is on the amount that is outstanding in any given year. The dollar amount of interest you pay goes down because the balance (principal) goes down. The interest rate is still constant.
There are ways to get around the dollar amount paid. It is known as acceleration. Most people do this by paying a half-payment every two weeks instead of once a month. (Bi Weekly) this reduces the dollar amount of interest you pay IF you have a loan that allows it. THERE is ANOTHER story!! Pre-payment penalties! Usually, you are not allowed to pay more than 20% of the outstanding balance in any given year because banks WANT that interest dollar!
There is more but I think I have made my point. I have done this for TWENTY freakin years. It is not a simple formula. MOST people do not understand it and they pay far more than they have to as a result. Class dismissed. |
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| [DelivererofEvil] Tuesday, March 24, 2009 5:42:16 PM | |
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Evening, fellow Defenders!
Does anyone know the best way to fly into the USA? As in, the cheapest american airlines that travel the Atlantic, and I don't mean coming as a stowaway on a freighter |
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| [_strat_] Tuesday, March 24, 2009 5:29:10 PM | |
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Strat is back!
Well, if I read this and the post about the "bundled up" loans... Youre right, I didnt understand it, and frankly, I dont very well even now. BUT... The fact is still that most wealth is held by the minority of people. They loan it out to the rest of us, on their terms. They have created a system that is very complicated, and yet you have to participate in it, if you want to buy a home, buy a new car... Most people have to, anyway. So, if we are talking about the blame - guess who I put it on.
Then there is the whole international thing. We (and Im talking about most of the "rest of the world" as you would put it) have certainly NOT created this crisis - this crisis came to us from the west. Now, because Americans and Western Europeans cannot afford to buy crap, we get less production, we get layoffs... We get as much shit as we can, before it starts to seriously affect you. The problem is that its the western companies that came here with work in the first place, created a dependency for it, and are now withdrawing it.
Now, I guess its down to moralising and "the flowery rights and wrongs" again... But I dont think there ever was a better time for it than now.
Yup. That was my "final" word on the subject... For now, anyway.
[Show/Hide Quoted Message] (Quoting Message by Deep Freeze from Tuesday, March 24, 2009 1:56:42 PM)| | | Deep Freeze wrote: | | Good Day to you all!!! Very quiet here, I see. Hopefully, we are all studying about mortgages and interest!! HA!!!!!!! Where the hell is strat??? OK, my "final" words on this subject;
This is not a matter of "simple" interest. This is about amortized mortgage interest. An amortization table will show you how direct-reduction works. When you initially take a mortgage loan, your monthly payment is mostly interest and a little principal. In the first seven years or so, you pay only about 10% of the original balance. The rest is interest payment. It takes roughly 20 years to pay about HALF your balance! Of course, the amount of the principal paid does increase year after year and, in the last five years or so, you get a reversal and are paying mostly principal and little interest.
Keep in mind that, no matter how small the interest payment, you still are paying at the same interest rate. 6% is always 6% throughout the life of your loan. The interest you are paying is on the amount that is outstanding in any given year. The dollar amount of interest you pay goes down because the balance (principal) goes down. The interest rate is still constant.
There are ways to get around the dollar amount paid. It is known as acceleration. Most people do this by paying a half-payment every two weeks instead of once a month. (Bi Weekly) this reduces the dollar amount of interest you pay IF you have a loan that allows it. THERE is ANOTHER story!! Pre-payment penalties! Usually, you are not allowed to pay more than 20% of the outstanding balance in any given year because banks WANT that interest dollar!
There is more but I think I have made my point. I have done this for TWENTY freakin years. It is not a simple formula. MOST people do not understand it and they pay far more than they have to as a result. Class dismissed. |
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| [Becks] Tuesday, March 24, 2009 3:24:37 PM | |
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LOL yeah they're both fine, very grateful for being rescued LOL wouldn't leave me alone when I was trying to read my book haha. Far out that'd be crazy to have your cat get stuck in a recliner! Thankfully you got him out, lol!
[Show/Hide Quoted Message] (Quoting Message by MG_Metalgoddess from Tuesday, March 24, 2009 3:17:30 PM)| | | MG_Metalgoddess wrote: | | Yes they take taxes out every payday, but its the income ratio.. and I only lived there half the year, plus I sold my house ect... pain in the ass.. LOL
Good grief becks.. at least the kitties are okay?? years ago one of mine crawled in the recliner chair.. and was stuck. poor thing . tore the dang chair aprt to get him out...
(Quoting Message by Becks from Tuesday, March 24, 2009 3:10:33 PM)
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Becks wrote: |
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Morning everyone! Interesting night here cos I had to rescue one of my cats off the roof of the house, then the other cat got himself shit in the garage when I put the ladder away, so I had to venture out in the cold again to get him, LOL silly cats.
Wow the American tax system sounds complicated! I've never really understood tax returns etc, all I know is here we have a system called PAYE, Pay As You Earn, so my tax gets taken straight out of my gross income.
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MG_Metalgoddess wrote: |
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Yeah I agree.. I wanted everything to be legal.. So I took it to H&R block here... Since I had to file with 2 countries.
But I went to get them last week to mail into the USA.. and they were wrong... She screwed up a bunch of stuff. 400.00 dollars later and 9-11 errors I found after looking it all over.. And showed it to them they have to re-do them.
Not to cost me anything.. But the woman says oh I guess I shoul have looked it all over before I had you sign..
Well DUH.. isnt that what Iam paying you for..
I had a 60,000 income increase from the sale of a house.. I knew I would owe some money on ect... Which I planned for. And she insited I was getting 1,600.00 backfrom the state of Montana.. I actually owe the 1,600.00 dollars..
Hopefully its all corrected ect.. and I can pick them up this week
Cluster F*ck.. as Usual.....
I just have to laugh.. I mean Can anything o right?? lol Thank god for humor otherwise I would need to be heavily sedated.
MG~
(Quoting Message by Deep Freeze from Tuesday, March 24, 2009 2:54:10 PM)
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Deep Freeze wrote: |
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Do it yourself?? NEVER! Even I have an accountant, my dear. I do not operate on myself either! I have a doctor for that. I am the kind of person that leaves these things to the professionals.
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MG_Metalgoddess wrote: |
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Class dismissed.. thats cute
I understand... where you are coming from, I must say Iam curious to see this program on the credit card uproar.
Make not to one-self.. : have calculator out and ready!! LOL
I mean just listening to them explaine that mortgage mess.. I wonder how many people actually were able to follow what the reporter was talking about in their explaining the whole fiasco.
Well another day closer to Friday,.,, Hopefully I dont find any more errors, when the top account re-does my american taxes for last year.. I prob pissed them off by pointing out the errors, and mis calculations.. but hey.. I dont want to pay penalties. they had me recieving money .. when I actually owed... I want to get it done right and not have to worry about it, or be audited.. ( which is why I went to a proff to get them done.) Vrs- doing them myself.. I thought of all the legality ,, Good Grief.. LOL
All I can do Is laugh I guess.. where do you go ?? LOL
Hugs MG~
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Deep Freeze wrote: |
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Good Day to you all!!! Very quiet here, I see. Hopefully, we are all studying about mortgages and interest!! HA!!!!!!! Where the hell is strat??? OK, my "final" words on this subject;
This is not a matter of "simple" interest. This is about amortized mortgage interest. An amortization table will show you how direct-reduction works. When you initially take a mortgage loan, your monthly payment is mostly interest and a little principal. In the first seven years or so, you pay only about 10% of the original balance. The rest is interest payment. It takes roughly 20 years to pay about HALF your balance! Of course, the amount of the principal paid does increase year after year and, in the last five years or so, you get a reversal and are paying mostly principal and little interest.
Keep in mind that, no matter how small the interest payment, you still are paying at the same interest rate. 6% is always 6% throughout the life of your loan. The interest you are paying is on the amount that is outstanding in any given year. The dollar amount of interest you pay goes down because the balance (principal) goes down. The interest rate is still constant.
There are ways to get around the dollar amount paid. It is known as acceleration. Most people do this by paying a half-payment every two weeks instead of once a month. (Bi Weekly) this reduces the dollar amount of interest you pay IF you have a loan that allows it. THERE is ANOTHER story!! Pre-payment penalties! Usually, you are not allowed to pay more than 20% of the outstanding balance in any given year because banks WANT that interest dollar!
There is more but I think I have made my point. I have done this for TWENTY freakin years. It is not a simple formula. MOST people do not understand it and they pay far more than they have to as a result. Class dismissed. |
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Edited at: Tuesday, March 24, 2009 3:03:14 PM |
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Edited at: Tuesday, March 24, 2009 3:18:08 PM |
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