****, interest is a *****

[RandyJ 10+ year member]

I was just doing some calculations for my pops, and ends up he is going to be paying almost $700,000 on a $310,000 loan after interest. I knew interest was a killer but I didnt know it wasthis bad //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

Click to read more...

 

[`pr0digy 10+ year member]

Guess he should have thought of that BEFORE he got out the loan....

 

[ighettoboyi 10+ year member]

no shit

 

[RandyJ 10+ year member]

Uhh, he did, he already knew, I just found out myself though

 

[g30ffr3y 10+ year member]

when i signed for my mortgage there is a form

you have to sign called the "truth in lending"...

its basically what youre going to pay after all

the interest over the life of the mortgage...

HOLY CRAP!!!!!!!!!!

yeah... borrowing money sucks...

 

[ighettoboyi 10+ year member]

is this in italy? all i know is interest rates are great here lol

 

[JimJ 5,000+ posts]

this is why it's good to know basic amortization //content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif

 

[RandyJ 10+ year member]

The interest rate is decent, its through NFCU and its like 5.5%

 

[hoss 5,000+ posts]

i just did some amortization tables for one of my classes at school...

$2.4mil loan to build a medical office building, 30 year amortization at 5.2% interest. you end up paying $4.7+mil. nearly double what you got from the loan.