help my mom

[Slug]

I agree. Either the numbers are wrong or she has been making extra principal payments along the way. In that case, the monthly statement might still say she has 17 years remaining but in reality it is a lot less than that. More like 3-4 years.

We were prepaying our previous mortgage and the remaining term on the statements never changed to reflect that.

Yes, something is wrong with the math here, or this poor woman has a horrible interst rate!

[pippin65]

Help My Mom! This is Mom. My husband and I bought this house l3 yrs ago at 65k, with a 30 yr mortgage. My husband recently died (he handled all the finances) and now its my turn. I checked with the mortgage company, I still have l7 yrs left to pay on this mortgage. With principal + escrow + tax + insurance, its about $800 monthly. I do work PT (2days weekly) as a nurse. I have $43k in savings. At 73 yrs, I may work (I love it) another year. The questions was, should I pay off the mortgage of $16k. I have 3 sons. One son advised me not to pay it off, and the other two sons thought it would be good. I appreciate all your replies, but maybe this info might help you. (my husband must have sent the mortgage company extra principle? Thank you, Mom[/B]

[disneysteve]

I still have l7 yrs left to pay on this mortgage

mortgage of $16k

You can not have 17 years left to pay if the balance is only $16,000. You have at most 3-4 years left to pay. That is the point several of us were trying to make.

[cschin4]

17K payoff over 17 years? So, did she get a 30 yr mortgage at age 60? What kind of loan is it and what is the interest rate?

[Seeker]

withdrawn

[Seeker]

it's a 30 year note. p and i is approx 500. total cost each month, with taxes and ins., is about 830.

withdrawn

[Seeker]

Here's what I calculated:
65000 at an interest rate of 8% for 30 year term beginning Dec. 1997.

The monthly P&I amount (according to Pippin) is 500 per month; the rest paid for addons is 330 per month.

If payoff is 17k more or less, then looking at the chart, she'd be around Jun 2024 in the payoff stage right now.

THIS LOAN would be done Nov 2027.

If today were Jun of '24, then there's approx 3.5 years remaining if her P&I payoff amount is correctly stated as 17k until Nov '27.

The majority of her 500 per month is going toward principal currently. Every payment reduces both P & I but the Prinicpal side currently is like 4/5ths of the payment and the interest is 1/5th. Each payment makes the principal side paid higher, and the interest side paid lower.

If the payoff balance is 17k, there's no real reason to change anything because the loan is almost done.


Undless the bank or your Mom is misunderstanding and confusing 17 years remaining with the 17k owed ????

This is the amortization site that i used to find the 17000 balance point in this loan. But if the interest right differs, then the numbers and date will differ. Mortgage Amortization Calculator, Table/chart - Calculate Amortization Schedule,