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.

  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.

  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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