owning it outright, as fast as you possibly can.
I'm not looking for accellerated payments. We're looking to buy
something totally outright, or finance as little as humanly possible...
And pay that off as quickly as we can.
My rant started on the comparison between the total purchase price of a
house, and how much the bank was making in interest.
It sucks! I don't care if that's the cost of a loan, it still sucks.
Financing anything sucks. I to the point where I would rather live
without.
Cheers,
Erika
--------------------------------------------------
-----Original Message-----
From: C. Hatton Humphrey
I'm a little late coming in on this thread, however there is one big
piece
of advice I can give you - if you make 1 extra payment per year on a 30
year
note you will take 7 years off the mortgage life. This is because as
you
make your payments you are paying mostly on interest and then a little
on
the principal. The faster you pay down that interest the faster your
payments start going towards the actual house.
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