house

Zomgthisisnevergettingpaidoff

So.

In the 6 months we’ve been paying our mortgage… we’ve paid off $1.3k on the loan.

If you pay off $1.3k in 6 months that gives you $216 and some change, a month, of loan paid off.

We want to refinance at 20% so we dont have to pay PMI anymore.  20% of the loan, $310,000 is $62,000.

It will take 287 months to pay off $62,000.

It 287 months is 23 years.

Yes, there are some estimations involved, and decimal points being lopped off.  But my math is sound.  How do I know?  I checked it.  Twice.

My husband asks… then how does the loan get paid off in 30 years, if we have a 30 year loan?  Well… that’s simple.

Magic.

Discussion

One response to “Zomgthisisnevergettingpaidoff

  1. You should never rely on checking things twice. Apparently Santa does that every year – but when I was 7 years old he got me a new bike. I bit my brother and pulled my sisters hair just 3 days before Christmas – his ‘check-list’ is flawed.

    Like

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