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re: House refinance question.
Posted on 7/28/14 at 2:09 pm to brucevilanch
Posted on 7/28/14 at 2:09 pm to brucevilanch
quote:
139,000 x 0.05 x 25 years=173,750 of interest?
No, the amount of interest paid declines every month because you are paying off prinicpal each time. Look into learning how to build an amortization table with a spreadsheet. I highly recommend that anyone interested in purchasing a home learn this backwards and forwards, it's the only way to really understand the impact of changing assumptions.
1
Posted on 7/28/14 at 2:12 pm to foshizzle
ahhhhhh, I gotcha. Thank you very much.
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