Recent First Time Home Owners are confused with Mortgage Payments

[Sonu_Patel]

because they thought 6% APR when signing the home but later realized there is Reverse compounding with Monthly mortgage payments. 

APR is applicable towards the 30 year loan term and realizing the Interest paid within the first 8 years of owning a $750k home with 20% down payment($150K). 

Year	Interest ($)	Principal ($)	Balance ($)
1	35,799.57	7,368.03	592,631.97
2	35,345.14	7,822.46	584,809.51
3	34,862.67	8,304.93	576,504.58
4	34,350.43	8,817.17	567,687.41
5	33,806.61	9,360.99	558,326.42
6	33,229.25	9,938.35	548,388.07
7	32,616.26	10,551.34	537,836.73
8	31,965.46	11,202.14	526,634.59

 

[aimodel]

  On 2/19/2024 at 5:06 PM, Sonu_Patel said:

because they thought 6% APR when signing the home but later realized there is Reverse compounding with Monthly mortgage payments. 

APR is applicable towards the 30 year loan term and realizing the Interest paid within the first 8 years of owning a $750k home with 20% down payment($150K). 

Year	Interest ($)	Principal ($)	Balance ($)
1	35,799.57	7,368.03	592,631.97
2	35,345.14	7,822.46	584,809.51
3	34,862.67	8,304.93	576,504.58
4	34,350.43	8,817.17	567,687.41
5	33,806.61	9,360.99	558,326.42
6	33,229.25	9,938.35	548,388.07
7	32,616.26	10,551.34	537,836.73
8	31,965.46	11,202.14	526,634.59

 

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good morning baa

table baaney undhi 

which tool baa idhi 

[Thokkalee]

  On 2/19/2024 at 5:06 PM, Sonu_Patel said:

because they thought 6% APR when signing the home but later realized there is Reverse compounding with Monthly mortgage payments. 

APR is applicable towards the 30 year loan term and realizing the Interest paid within the first 8 years of owning a $750k home with 20% down payment($150K). 

Year	Interest ($)	Principal ($)	Balance ($)
1	35,799.57	7,368.03	592,631.97
2	35,345.14	7,822.46	584,809.51
3	34,862.67	8,304.93	576,504.58
4	34,350.43	8,817.17	567,687.41
5	33,806.61	9,360.99	558,326.42
6	33,229.25	9,938.35	548,388.07
7	32,616.26	10,551.34	537,836.73
8	31,965.46	11,202.14	526,634.59

 

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With high interest rates, the home values have to increase a lot to make any financial sense.. with a mortgage payment of $5K per month, you pay less than $1000 towards the principal… 

also, not many ppl know this.. the rate that the lender gives you is not the same as APR, which is used to calculate the payments… APR is 0.5 to 1% more than the rate.. 

[Thokkalee]

[kiran1012]

  On 2/19/2024 at 5:07 PM, aimodel said:

good morning baa

table baaney undhi 

which tool baa idhi 

Expand  

Amortization Calculator Ani google cheyyi vastundi

[recession]

  On 2/19/2024 at 5:06 PM, Sonu_Patel said:

because they thought 6% APR when signing the home but later realized there is Reverse compounding with Monthly mortgage payments. 

APR is applicable towards the 30 year loan term and realizing the Interest paid within the first 8 years of owning a $750k home with 20% down payment($150K). 

Year	Interest ($)	Principal ($)	Balance ($)
1	35,799.57	7,368.03	592,631.97
2	35,345.14	7,822.46	584,809.51
3	34,862.67	8,304.93	576,504.58
4	34,350.43	8,817.17	567,687.41
5	33,806.61	9,360.99	558,326.42
6	33,229.25	9,938.35	548,388.07
7	32,616.26	10,551.34	537,836.73
8	31,965.46	11,202.14	526,634.59

 

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Good crying ra everyday not sure how your wife living with you ? May be puking someone for stress relief 

[Sonu_Patel]

  On 2/19/2024 at 5:25 PM, recession said:

Good crying ra everyday not sure how your wife living with you ? May be puking someone for stress relief 

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Dont take this personal ba.. this is for first time home buyers.. they should be aware of what they are getting into the finance trap. 

[aimodel]

  On 2/19/2024 at 5:29 PM, Sonu_Patel said:

Dont take this personal ba.. this is for first time home buyers.. they should be aware of what they are getting into the finance trap. 

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they are already aware nuvvu nee postulu

[Thokkalee]

  On 2/19/2024 at 5:38 PM, aimodel said:

they are already aware nuvvu nee postulu

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Trust me.. there are a lot of ppl who are not aware of this.. monthly mortgage payment enta avtundi ani matram chuskuntunnaru… property taxes, home insurance, other maintenance ivanni chala mandi lowest numbers veskuni (may be Redfin numbers I guess) digutunnaru.. 

[Sonu_Patel]

  On 2/19/2024 at 6:35 PM, Thokkalee said:

Trust me.. there are a lot of ppl who are not aware of this.. monthly mortgage payment enta avtundi ani matram chuskuntunnaru… property taxes, home insurance, other maintenance ivanni chala mandi lowest numbers veskuni (may be Redfin numbers I guess) digutunnaru.. 

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true that.. mana @aimodel friend.. youtube lo house warming and insta reels kosam house koney batch.. vallani ah yesu prabhuvu challaga chudalani ikkada banks korukuntae. 

[Manju__]

friends , relatives  konnaru neenu konnanu house 

I am paying and my friends are paying same amount every mnth same community idhi calcualton chesukoni konnaru

[Gorantlamdhav]

  On 2/19/2024 at 5:06 PM, Sonu_Patel said:

because they thought 6% APR when signing the home but later realized there is Reverse compounding with Monthly mortgage payments. 

APR is applicable towards the 30 year loan term and realizing the Interest paid within the first 8 years of owning a $750k home with 20% down payment($150K). 

Year	Interest ($)	Principal ($)	Balance ($)
1	35,799.57	7,368.03	592,631.97
2	35,345.14	7,822.46	584,809.51
3	34,862.67	8,304.93	576,504.58
4	34,350.43	8,817.17	567,687.41
5	33,806.61	9,360.99	558,326.42
6	33,229.25	9,938.35	548,388.07
7	32,616.26	10,551.34	537,836.73
8	31,965.46	11,202.14	526,634.59

 

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Naku doubt idi nee own payment ani

[VictoryTDP]

@Sonu_Patelnee analysis and nee patience dandam 

[Konebhar6]

  On 2/19/2024 at 5:06 PM, Sonu_Patel said:

because they thought 6% APR when signing the home but later realized there is Reverse compounding with Monthly mortgage payments. 

APR is applicable towards the 30 year loan term and realizing the Interest paid within the first 8 years of owning a $750k home with 20% down payment($150K). 

Year	Interest ($)	Principal ($)	Balance ($)
1	35,799.57	7,368.03	592,631.97
2	35,345.14	7,822.46	584,809.51
3	34,862.67	8,304.93	576,504.58
4	34,350.43	8,817.17	567,687.41
5	33,806.61	9,360.99	558,326.42
6	33,229.25	9,938.35	548,388.07
7	32,616.26	10,551.34	537,836.73
8	31,965.46	11,202.14	526,634.59

 

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A lot of people do not have Financial knowledge while buying home. They need to understand how amortization works. This is also the reason I suggest a lot of people not to refinance when they have already paid for long time (10+yrs) and want to refinance for small APR gains. 

[Konebhar6]

  On 2/19/2024 at 6:35 PM, Thokkalee said:

Trust me.. there are a lot of ppl who are not aware of this.. monthly mortgage payment enta avtundi ani matram chuskuntunnaru… property taxes, home insurance, other maintenance ivanni chala mandi lowest numbers veskuni (may be Redfin numbers I guess) digutunnaru.. 

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Its very true. Okappudu 400k petti konalantene chinigindi .. ippudu Millions jujubi .. ela kontunnaro janaalu ardham kavatledu. All the ones your mentioned plus .. Home konnaka malli furniture and maintenance .. and beautify home .. adoka nirantara prakriya ... Homedepot visits .. plants .. etc etc .. ITs an endless money pit.