#1 Consumer Suggestion
AUTHOR: Cbay916 - NORTH HIGHLANDS (U.S.A.)
SUBMITTED: Wednesday, March 18, 2009
POSTED: Wednesday, March 18, 2009
My advice for the future is to make sure you understand your mortgage prior to signing it. An interest rate at 11% amortizes the same, no matter where it originated. Below is an example of a 20-yr $20,000 loan at 11%
Year Interest
Principal
Balance
2009 $1,823.57 $240.81
$19,759.19
2010 $2,157.72 $319.53
$19,439.66
2011 $2,120.74 $356.51
$19,083.15
2012 $2,079.49 $397.76
$18,685.38
2013 $2,033.46 $443.79
$18,241.59
2014 $1,982.10 $495.15
$17,746.45
2015 $1,924.81 $552.45
$17,194.00
2016 $1,860.88 $616.37
$16,577.63
2017 $1,789.55 $687.70
$15,889.93
2018 $1,709.97 $767.28
$15,122.65
2019 $1,621.18 $856.07
$14,266.58
2020 $1,522.12 $955.13
$13,311.45
2021 $1,411.59 $1,065.66 $12,245.79
2022 $1,288.28 $1,188.97 $11,056.82
2023 $1,150.69 $1,326.56 $9,730.26
2024 $997.18
$1,480.07 $8,250.19
2025 $825.91
$1,651.34 $6,598.85
2026 $634.82
$1,842.43 $4,756.42
2027 $421.62
$2,055.64 $2,700.78
2028 $183.74
$2,293.51 $407.27
2029 $5.61
$407.27
$0.00
These are how ALL mortgages work for everyone, from good credit to bad.