[quote flu]The second loan technically won’t be at $417k, since approximately 4 payments already were made, so principal paid will be approximately $7k , and interest payments of $5200 thrown in the trash. [/quote]
Remember that you are effectively a ‘home renter’ until paid off. Considering that ($7k/$12.2k) = 57.4% of payments went to paying off principal, that is not too bad. Usually on the first few years of a mortgage, the payoff of principal is less than 30% of the monthly payment.
[quote flu]Can someone check my math? (I suck at basic math…I can only do Fourier Transforms and FFT’s….Seriously)[/quote]
I’m at my Engineering job.. so my brain doesn’t amortize right now. I have the formulas and a financial calc at home. If no-one answers, I’ll run the numbers from home.
