Mortgage Interest Makes Me Ill!

**Breezy** · 01-26-2007, 12:06 PM

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

**prairie_girl** · 02-20-2007, 06:38 PM

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!

**BlackstoneMama** · 02-21-2007, 10:24 AM

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.

**TheRootedNomad** · 02-21-2007, 02:29 PM

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.

**mom23boyz** · 02-21-2007, 10:13 PM

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

**Neeley** · 02-21-2007, 11:26 PM

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.

**Grayce** · 02-21-2007, 11:42 PM

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.

**mikandmari** · 02-22-2007, 12:19 PM

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.!!

**Early Bird** · 02-22-2007, 03:12 PM

Originally Posted by AmyBoz

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.