* * * * *
Now that's a low interest rate!
> **From:** “Effie Champion” <
[email protected] [1]>
> **To:**
[email protected]
> **Subject:** $67213
> **Date:** Wed, 23 Jun 2004 21:47:59 +0500
>
> Hello,
>
> I sent you an email a few days ago because you now qualify for a new
> mortgage. You could get a $300,000 for as little as $700 a month! credit is
> no problem, you can pull cash out or refinance.
>
> Best Regards,
>
> Effie Champion
>
I've received quite a few of these, all from different people. Now, $300,000
for as little as $700/month?
Where do I sign up?
Let's see … break out the mortgate calculator here … typical length of a
mortgate is 30 years, borrowing $300,000 with $700/month payments, works out
to -1.13% interest rate.
I know the Federal Interest rate is low, but not that low. And a 15 year
mortgage works out to -10.2% interest rate.
Those are some nice rates.
Now, working from the other end … how long does it take to pay back $300,000
(with no interest rate) at $700/month? Three hundred thousand divide by seven
hundred … divide by twelve … multiply the remainder by twelve …
Thirty-five years and nine months.
At a measly 1% the mortgage would take 44 years to pay off. 90 years at 2.5%.
Anything higher and my mortgage calculator laughs hysterically and accuses me
of robbing my kids' inheritence (that is, if I have kids).
Who are these guys kidding? There's no way you could get a mortgate for
$300,000 at $700/month. **No way!**
Sheesh!
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