Quote:
Originally Posted by noppenbd
What percentage of your take home pay did that payment represent at the time?
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I started to figure out an answer to this and realized that it wasn't so easy. I used 5.5% and 6% in my example, but those aren't the rates that existed when we bought 14 years ago. I'd have to dig out the original loan documents to know what we actually paid.
For the purposes of this thread, let's say we actually paid 8% which is probably about right. So our principle and interest would have been $833.56. That would have been about 15% of our take-home pay at the time. Of course, that doesn't include taxes and insurance which would have made the total payment a little higher percentage (though still well under 25%).