Mortgage Payoff?
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From: Cameron, OK
Mortgage Payoff?
Does this sound right to you guys... We bought a house in feb of 2002 for 117,500 but the borrowed amount was $115, 234.
I just sold the home for $120,000 but my payoff balance statement I just got from our lender shows my payoff balance to be $115,231.55
It was a 30 year FHA fixed rate mortgage at 7%... seems like after paying a wee over $24,000 (most of which I know goes to interest) in the past 2 years to live there that I would have gotten it down a little less than $2.45... that really makes me feel like I was spinning my wheels.
I just sold the home for $120,000 but my payoff balance statement I just got from our lender shows my payoff balance to be $115,231.55
It was a 30 year FHA fixed rate mortgage at 7%... seems like after paying a wee over $24,000 (most of which I know goes to interest) in the past 2 years to live there that I would have gotten it down a little less than $2.45... that really makes me feel like I was spinning my wheels.
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Did you roll in the closing costs and all that at the beginning? That can be around 3-4k.
My suggestion would be to drop at least 20 bucks a month towards the principle. It all adds up. For instance, if I were to put $200 a month extra on my 30 year loan for my condo. I would pay it off in 15 years. Now that's not going to happen any time soon, but it is suprising what paying extra on the principle can do.
Take a look at your paperwork from the purchase. It should show all of the charges and what-not.
I'm not a home buying expert by any means. I've just done it once...so far.
My suggestion would be to drop at least 20 bucks a month towards the principle. It all adds up. For instance, if I were to put $200 a month extra on my 30 year loan for my condo. I would pay it off in 15 years. Now that's not going to happen any time soon, but it is suprising what paying extra on the principle can do.
Take a look at your paperwork from the purchase. It should show all of the charges and what-not.
I'm not a home buying expert by any means. I've just done it once...so far.
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Did you hire an attorney to check this over? You should have done that before signing anything. If the closing has already happened and there is a mistake it can cost you A LOT to fix it. If you had a real estate attorney go over the paperwork before hand you might have saved yourself a few, or even several thousand dollars.
I'm in the middle of selling one house and buying another. The attorney fees for both closings was $800. I think that's cheap compared to the cost of the houses and what I could lose if I didn't understand everything that went on, and I don't understand it all. I'm not an attorney, so I hired one.
I'm in the middle of selling one house and buying another. The attorney fees for both closings was $800. I think that's cheap compared to the cost of the houses and what I could lose if I didn't understand everything that went on, and I don't understand it all. I'm not an attorney, so I hired one.
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From: Cameron, OK
We didn't have any closing costs, the seller covered those when we purchased the home.
The borrowed amount was $115, 234 and that was in Feb 02.
The payoff amount as of July 04 is $115,231.55
After 2 years of paying on it I ended up owing $2.45 less than what I borrowed... just makes me ill... there's got to be a better way to buy or build a home.
If I did the math right all total I would have paid $261,000 for this $120,000 home if I had paid the note out over the full 30 years... now to those of you who read my thread about saving for retirement... that would be $141,000 I paid in interest over 30 years that I could have been investing. I think I'm going to do something different this time, I haven't figured out just what yet, but there has to be a better way.
The borrowed amount was $115, 234 and that was in Feb 02.
The payoff amount as of July 04 is $115,231.55
After 2 years of paying on it I ended up owing $2.45 less than what I borrowed... just makes me ill... there's got to be a better way to buy or build a home.
If I did the math right all total I would have paid $261,000 for this $120,000 home if I had paid the note out over the full 30 years... now to those of you who read my thread about saving for retirement... that would be $141,000 I paid in interest over 30 years that I could have been investing. I think I'm going to do something different this time, I haven't figured out just what yet, but there has to be a better way.
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From: NE Texas
Originally Posted by Johnboy_BoomerSooner
...there's got to be a better way to buy or build a home.
If I did the math right all total I would have paid $261,000 for this $120,000 home if I had paid the note out over the full 30 years..
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From: Cameron, OK
I've got the skills... just not the capital. I'm thinking we may buy some land, I should be able to swing a few acres pretty easy, and just buy one of these cheap repo mobiles for 10-12k and live in it till I save up enough to start the house. The steel truss company I work for now has some light gauge home frame packages that are pretty reasonable, but I've worked with wood framing for years so I'll probably end up sticking with wood... and it's cheaper too. That's definately the way I want to go, but I have to have some $$$ to get started first.
I should have been a banker instead of an engineer... yeah I can build em, but I sure can't fill em up like they can.
I should have been a banker instead of an engineer... yeah I can build em, but I sure can't fill em up like they can.
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From: Appling, GA
My wife and I bought a few acres close to the lake a few months ago. We're saving money to start building and I'm going to do as much of the work as possible, ask skilled family members for help. My brother-in-law owns his own roofing co, my uncle is an electrician, and my dad can do just about anything in construction. I hoping to come out under $150k for 3000sqft or better.
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From: Cameron, OK
8996EBBroncos... my online statement reflects that... it's actually like 112,800 and some change, but it also had a note saying this was not the "Payoff Amount" and gave me an 800 number to call for that... after spending about 15 mins in automated answering machine hell I got to the payoff statement part and that's were the 115,231.55 figure came from... They used my remaining balance.. plus some other intrest charge, plus some fees, plus some more interest charges... to the tune of squeezing out any equity I had paid in the past 2 years. It just doesn't seem right that's all... if I owe X amount of dollars... then that's what I should owe... not that plus $2800 in extra interest... As it stands I have to bring about $3200 dollars to the table when my house sells... I sold the house for $4500 more than what I paid for it 2 years ago and end up $3000 dollars in the hole to get out from under it. Money gives me a headache.
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From: NE Texas
Originally Posted by Johnboy_BoomerSooner
I'm thinking we may buy some land
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From: Charleston, SC
Originally Posted by Johnboy_BoomerSooner
8996EBBroncos... my online statement reflects that... it's actually like 112,800 and some change, but it also had a note saying this was not the "Payoff Amount" and gave me an 800 number to call for that... after spending about 15 mins in automated answering machine hell I got to the payoff statement part and that's were the 115,231.55 figure came from... They used my remaining balance.. plus some other intrest charge, plus some fees, plus some more interest charges... to the tune of squeezing out any equity I had paid in the past 2 years. It just doesn't seem right that's all... if I owe X amount of dollars... then that's what I should owe... not that plus $2800 in extra interest... As it stands I have to bring about $3200 dollars to the table when my house sells... I sold the house for $4500 more than what I paid for it 2 years ago and end up $3000 dollars in the hole to get out from under it.
I hoping to come out under $150k for 3000sqft or better.
I'd love to find somewhere half that size for $100K. I'm looking in San Antonio, west/northwest side (between inner and outer loop), and keeping it to builders I trust and this is quite a challenge. I've found 1,350 sqft for 87 and 95K.
Last edited by The Fife; May 27, 2004 at 06:26 PM.
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From: Dallas
Originally Posted by The Fife
I'm looking in San Antonio, west/northwest side (between inner and outer loop)
What area's are you looking in? Im in Helotes right in NW San Antonio... What kind of setup are you looking for?
See what you can find out on 151 by Sea World... that area is the next hot spot... might be a good investment. You wouldn't belive the work they've done on that highway!