money merge mortgage acceleration: "Legal Robbery", How could our government allow this? - 08/14/09 10:08 PM
A person buys a $200,000 home at 6% interest. On a 30 year mortgage they'd have a monthly payment of $1199 per month. Not bad, right? 6% interest is fair, right?
Multiply $1199 by 12 and the potential homeowner would pay a total of $14,388 for the entire first year. One might think, "Cool, I've got close to $15,000 in payments under my belt. That should knock off quite a bit from my loan amount." WRONG!!! After one year of payments the person would have paid down the balance of the loan $2,456.
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Derik Tutt

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