[quote=creechrr][quote=SellingMyHome][quote=captcha]Nothing relevant to add. Just curious – how did a $424K loan grew into $450K loan after a $15K cash-out refi and that is after 6 years of paying the mortgage? Did you get an IO or negam?[/quote]
They rolled in closing costs as well.[/quote]
I picked up an that too. After six years of mortgage payments, you still that much?
6 years * 12pmt/year = 72 mortgage payments
72 * ~ $2,000 (low assumption) = $144,000
So, at least $144,000 worth of payments have been made. I’ve never had a mortgage but, something doesn’t add up.[/quote]
You should see how much goes towards interest, and how much towards principla the first 10 years of the mortgage. It would make you cry! Since my refi of $467K in 2006, I’ve paid $95K in interest, and less than $18K in principal. Reduced the balance to about $450.
