Mortgage Interest Makes Me Ill! - Page 3
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  1. #31
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    Our Interest was $9,967
    our Property Taxes was $3956
    we have only been here 20 months thankfully we will be moving in another 12-18 months and I hope not to buy again until he retires from the military

  2. #32
    Registered User prairie_girl's Avatar
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    Well, look at it this way, I paid $6840 this year in rent. That's money down the tubes that I will have nothing to show for in two years. At least that interest means you're also paying towards principal, building equity and getting closer to your goals!

  3. #33
    Registered User BlackstoneMama's Avatar
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    My interest was $19K for 2006 and my property tax was $5445! Lovely Massachusetts. The killer is my mortgage is a fixed conventional 30 year for 5.875% and it was still $19,000 in interest!

    The only good thing is that I got more back in taxes this year because of it. ugh.

  4. #34
    Registered User TheRootedNomad's Avatar
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    I don't have the exact number on me but between the two different morgages (The first one and the refinance ) we paid over 5500.00 in intrest and somewhere in the $6000.00 range in principal. (It shoulda been like $2000.00 and only then because we refinanced) I've started crossing the payments off the top of my amortirization (sp) scheaduale so that I can add up the intres I DIDN'T have to pay.

  5. #35
    Registered User mom23boyz's Avatar
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    ok I work for a mortgage co so I see it all. Personally my mortgage is an interest only loan which I was still 60 days behind onat yuear end and we paid $15,085.10 int and .01 to principal.Yes that is one cent

  6. #36
    Registered User Neeley's Avatar
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    I am glad at times I live in Alabama, like when it is property tax time. Our house is 2700 sq ft on almost an acre in a middle class to upper middle class neighborhood. Cost of living is not too high here and we purchase our home for around $140k several years ago. With that said, our property taxes for a year are only $400.26. I have only lived in Alabama and was oblivious (sp?) to how much people in other places pay in property taxes. I am not sure how the taxes are in other cities in Alabama, but we live in the capital city and we have pretty low property taxes.
    DD (20)
    DS (17)
    DH (over the hill - the big 4-0)

  7. #37
    Registered User Grayce's Avatar
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    I paid $5,827.91 in interest and $5,474.53 of the principal. Still paid more in interest than principal but it's getting closer. Our taxes are over $2800.
    Carrie

  8. #38
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    Sometimes I gripe about living in Delaware.... but I shouldn't... our property taxes are only $600 each year. Our house is a 3 bedroom, 2 car garage colonial on a small lot near the city (worth about $260K). Further downstate, a typical home on 1 acre still only has about $1500 yearly tax.

    AND we have no sales tax. Cheap livin', considering we are just 2 hours south of NYC and 2 hours north of Washington, D.C.!!

  9. #39
    Registered User Early Bird's Avatar
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    Quote Originally Posted by AmyBoz View Post
    So, we just got our mortgage tax statement for 2006. I seriously felt ill looking at it.

    We pay $2500 a month for our mortgage...the actual payment is closer to $2350 and we pay the extra toward principal.

    So, on the tax statement, it shows that this year we paid a total of $6,845.03 in principal this year and $13,937.53 in interest! It absolutely makes my stomach hurt. Ick, yuck, hate it!
    Did you have the mortgage for the whole year?

    $6845+13937 = $20,782
    but
    $2500 * 12 = $30,000

    Or is it that taxes and insurance are also included in the $2500?

    BTW, mine depresses me too -- but we're working hard to pay extra on it.

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