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because for about the first 10 years of the 30 year loan you are only paying for the interest of the loan.
I just used a mortgage calculator and was amazed at the difference if you'd used at 15 year mortgage, your payments would have been $574.47 and you'd have much more equity and almost 1/2 done with the payments. You'd be at equal to the assessment.
I did forget to include the site where I used the mortgage calculator.
they have other calculators like "How Much Can I Afford?" and "Simple Mortgage Refinance Calculator"
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Last edited by Cynthetiq; 04-03-2007 at 06:16 PM..
Reason: Automerged Doublepost
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