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Zer Netmouse
February 3rd, 2009
07:12 pm


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Do You Believe in Usury?

(58 comments | Leave a comment)

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Date:February 4th, 2009 12:16 pm (UTC)
You are making up numbers, and they're wrong.

Unfortunately I just moved and haven't unpacked the whole office so I can't pull my original mortgage records and give you an actual example. blarg, and citimortgage seems to have destroyed my online account now that the mortgage is paid off, so I can't reference that either.

Date:February 4th, 2009 04:23 pm (UTC)
In any given month, the borrower pays interest of 1/2% of the principal at the beginning of the month, plus some amount of principal. The next month, the principal (on which interest is charged) is reduced by the amount of principal paid.

I can figure out amortization schedules for any rate and period, but the underlying facts are what I've posted.
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