And the amount we earned? A whoppping $165.36, haha… Guess who’s winning? :)
As much as I hate seeing those big numbers like that though, I find that posting it out here for the world to see motivates me even more to KEEP WORKING HARD at killing these debts. The “good” kinds people say – our mortgages. Though I’d like to just point out here that ALL debts sucks no matter how you look at it – even though yes, some are more tolerable and necessary than others. At the end of the day we still have to pay it all off though!
And when you see numbers like $17,000 evaporating before your eyes, it tends to make you pause for a moment and see if there’s anything you could be doing to stop it too. Like paying off more of it faster, or refinancing, or coming up with clever work-arounds, etc (which I’m still working on btw, once I have more answers I’ll produce a full report for ya!). It’s just so crazy when you really think about this stuff: We’re paying $17,000 for the courtesy of taking out a loan – which we still have to pay off in full too!! But nothing I didn’t sign up for of course…
In fact, here – let me run the numbers again and see what we’ll end up paying in total interest if we just kept our mortgages on track for the 30 years or whatever’s left…
Okay, if we never pay anything more extra towards our principal (which will never happen as long as I’m alive), we’d be paying a total of $575,334.01. $281,470.14 in principal, and $293,863.87 in interest!! How insane is that? Way more in interest than principal!! Another reason home ownership is definitely not for everyone, ugh… Though the alternative is paying tons of money renting without ANYTHING in return, so I guess it is the lesser of evils, eh?
On the plus side, it looks like we were paying $24,000 a year at one point (2010) – so at least we’re saving a bunch more now, that’s pretty cool! What’s that, 30%? Not bad for honkering down a bit! And also refinancing while we could… MAN I wanna be able to do that again – it’s so helpful!! And the rates are so low right now!!
Anyways, that’s what’s going down in my hood today. A brutal wake up call to never borrow so much money again in the future. I wanna be one of those people who buys their next home in pure cash :) Like everyone thinks is crazy and impossible. You can totally do it though if you prioritize and have a good 10-20 years head start! Haha… it’s all better than paying $293,863.87 in interest, that’s for sure… Something to think about at least.
How much did you guys pay last year? I think everyone should be getting their mortgage statements in the mail right about now…
[LOL Photo by Dan4th]
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!