Our bank is very good at keeping us informed of where we are at and how we are going. So we actually know after paying them about $1800 dollars, we have paid about $8 off the mortgage. They tell us every time we log onto the site.
We were so excited to get a mortgage. But when you think about it in the cold light of day rather than the hot glow of excitement of buying, what you really got was a chance to pay the bank a whole lot of money. I can see why ursary was Csidered a sin - it is sure a lot of money to give someone and I don't really see a service. After all, I keep thinking its MY house. So they loan me money, and I get to look after what we have all agreed is THEIR asset. And any capital gains are mine, but they make a lot more than that from the mortgage.
Huh.
Posted by Toni at June 13, 2005 08:55 PMI feel like that about my student loan. Last year I paid about 3.5 grand... I think $800 was capital.
Posted by: Karen at June 14, 2005 08:35 AMSee, the great thing about being a contractor is that you have the knowledge in the back of your mind that at any time in the next X years you might not find work, and so have no money to pour into this hole; and if you screw up spectacularly, you could be judged liable lose the house, be unable to find work (because of your reputation), and *still* have the enormous debt.
So I don't think about it. ;) Good luck with your new adventure! :)
Posted by: Svend at June 16, 2005 05:33 PM