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Author Topic: Letter to Korider from HYO President!  (Read 40891 times)


  • Goodbye chickenstrips!
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Re: Letter to Korider from HYO President!
« Reply #70 on: January 19, 2012, 10:37:30 AM »

Someone either didn't pay attention in maths class, or else is being misinformed by their mate.  If a 23,000 increase in mortgage only resulted in an increased monthly payment of 2, then that loan is going to take at least 11500 months to pay off.  That's just over 958 years.

I suppose he could be paying the loan weekly (in the Uk they are invariably monthly but I suppose it could be different elsewhere int the world) so that would bring the term down to just 221 years.

Or it could be an interest only mortgage. But then he's going to have to find that extra 23,000 all in one go when the term ends.  Millions of people thought that was a good idea once upon a time, when house prices were increasing every year and no-one ever thought that spiral could end.  Now they are beginning to see the fallacy in that premise.  Cue the worldwide recession...
2008 GT650R EFI

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