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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Just curious for those people with $6K mortgages...what is the term of your mortgage?

Our mortgage would be $6K if we amortized over 15 years, but it's about $3300 when amortized over 30 years.  I pay about $4K per month on the mortgage and it will be paid off in about 22.5 years (6 years gone, 16 to go!), fortunately, just before our newborn twins are going to go to college![/quote]

Our mortgage is about 6500, [b]interest only[/b]. Will be adjustable next year. Hopefully rates stay low. [b]30 yrs--- 25 yrs to go[/b][/quote]

I don't understand - if it's interest only, what does "25 years to go" mean?  Interest only means that the principal is never paid off - so in 25 years, the term of your mortgage will be finished and you'll still owe the entire principal (unless you're voluntarily paying it down, which your subsequent posts seem to indicate is not the case).

My rough calculations show that at a 4.5% interest rate, if you're really paying $6500 "interest only" you have a mortgage of $1.25 million.  That's just insane, when you're makign close to $300,000.  Even more so as an interest only, where the only way you can make money is if the house appreciates.  You basically have a $6500 rental payment combined with a gamble on the real estate market.    [/quote]

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