Posted by Chuck (AZ) on July 18, 2001 at 01:23:28:
Let’s suppose…
$50,000 selling price
12.75% interest
96 months (8 years)
$833.39/mo. PLUS lot rent ($250 average) = $1083.39/month
$30,005 total interest (+ $50,000 principal) = $80,005 + $24,000 lot rent (8 years) = $104,005
$36,000 selling price (current loan pay-off)
12.75% interest
96 months (8 years)
$600.04/month PLUS lot rent ($250 average) = $850.04
$21,603.65 total interest (+ $36,000) = $57,603.65 +
$24,000 lot rent (8 years) = $81,603.65
In both of the above cases, the home is 14 years old at the time the loan is paid off. It’s also sitting in a mobile home park.
If you bought a piece of land (let’s say $10,000 including improvements) and moved the home (another $5,000 maybe more), and then added this onto the payoff cost of the home ($36,000), the selling price would be $51,000. Let’s say the loan for the land/improvements was $250 a month.
See first example for the breakdown.
The home would still be 14 years old when the loan is paid off. However, it would be sitting on it’s own piece of land.
Now let’s suppose it was 7 years ago… and you bought a nice used mobile for $10,000
$10,000 purchase price
12.75% interest
96 months (8 years)
$166.68/month PLUS lot rent ($250 average) = $416.68
$6,001 total interest (+ $10,000 principal) = $16,001 +
$24,000 lot rent (8 years) = $40,000
How much money would you have saved in principal?
How much money would you have saved in interest?
How long would it be until the home is paid for?
Now here’s the real world… $52,000 @ 9% for 15 years.
Loan Amount Interest Rate Term Start Date
$ 52,000 9 % 15 years Jul 1994
Summary of Payments & Interest
Your Monthly Payment will be $ 527.42
Total Interest Paid over Life of Loan $ 42,935.35
Interest Paid in 1994 $ 2,324.38
Interest Paid in 1995 $ 4,531.44
Average Monthly Interest over Life of Loan $ 238.53
Monthly Payment Schedule
Month Principal Paid Interest Paid Loan Balance
Jul 1994 $ 137.42 $ 390.00 $ 51,862.58
Aug 1994 $ 138.45 $ 388.97 $ 51,724.13
Sep 1994 $ 139.49 $ 387.93 $ 51,584.64
Oct 1994 $ 140.53 $ 386.88 $ 51,444.11
Nov 1994 $ 141.59 $ 385.83 $ 51,302.52
Dec 1994 $ 142.65 $ 384.77 $ 51,159.87
Jan 1995 $ 143.72 $ 383.70 $ 51,016.15
Feb 1995 $ 144.80 $ 382.62 $ 50,871.36
Mar 1995 $ 145.88 $ 381.54 $ 50,725.47
Apr 1995 $ 146.98 $ 380.44 $ 50,578.50
May 1995 $ 148.08 $ 379.34 $ 50,430.42
Jun 1995 $ 149.19 $ 378.23 $ 50,281.22
Jul 1995 $ 150.31 $ 377.11 $ 50,130.92
Aug 1995 $ 151.44 $ 375.98 $ 49,979.48
Sep 1995 $ 152.57 $ 374.85 $ 49,826.91
Oct 1995 $ 153.72 $ 373.70 $ 49,673.19
Nov 1995 $ 154.87 $ 372.55 $ 49,518.32
Dec 1995 $ 156.03 $ 371.39 $ 49,362.29
Jan 1996 $ 157.20 $ 370.22 $ 49,205.09
Feb 1996 $ 158.38 $ 369.04 $ 49,046.71
Mar 1996 $ 159.57 $ 367.85 $ 48,887.14
Apr 1996 $ 160.77 $ 366.65 $ 48,726.37
May 1996 $ 161.97 $ 365.45 $ 48,564.40
Jun 1996 $ 163.19 $ 364.23 $ 48,401.22
Jul 1996 $ 164.41 $ 363.01 $ 48,236.81
Aug 1996 $ 165.64 $ 361.78 $ 48,071.16
Sep 1996 $ 166.88 $ 360.53 $ 47,904.28
Oct 1996 $ 168.14 $ 359.28 $ 47,736.14
Nov 1996 $ 169.40 $ 358.02 $ 47,566.75
Dec 1996 $ 170.67 $ 356.75 $ 47,396.08
Jan 1997 $ 171.95 $ 355.47 $ 47,224.13
Feb 1997 $ 173.24 $ 354.18 $ 47,050.89
Mar 1997 $ 174.54 $ 352.88 $ 46,876.35
Apr 1997 $ 175.85 $ 351.57 $ 46,700.51
May 1997 $ 177.16 $ 350.25 $ 46,523.34
Jun 1997 $ 178.49 $ 348.93 $ 46,344.85
Jul 1997 $ 179.83 $ 347.59 $ 46,165.02
Aug 1997 $ 181.18 $ 346.24 $ 45,983.84
Sep 1997 $ 182.54 $ 344.88 $ 45,801.30
Oct 1997 $ 183.91 $ 343.51 $ 45,617.39
Nov 1997 $ 185.29 $ 342.13 $ 45,432.10
Dec 1997 $ 186.68 $ 340.74 $ 45,245.42
Jan 1998 $ 188.08 $ 339.34 $ 45,057.34
Feb 1998 $ 189.49 $ 337.93 $ 44,867.86
Mar 1998 $ 190.91 $ 336.51 $ 44,676.95
Apr 1998 $ 192.34 $ 335.08 $ 44,484.60
May 1998 $ 193.78 $ 333.63 $ 44,290.82
Jun 1998 $ 195.24 $ 332.18 $ 44,095.58
Jul 1998 $ 196.70 $ 330.72 $ 43,898.88
Aug 1998 $ 198.18 $ 329.24 $ 43,700.70
Sep 1998 $ 199.66 $ 327.76 $ 43,501.04
Oct 1998 $ 201.16 $ 326.26 $ 43,299.88
Nov 1998 $ 202.67 $ 324.75 $ 43,097.21
Dec 1998 $ 204.19 $ 323.23 $ 42,893.02
Jan 1999 $ 205.72 $ 321.70 $ 42,687.30
Feb 1999 $ 207.26 $ 320.15 $ 42,480.04
Mar 1999 $ 208.82 $ 318.60 $ 42,271.22
Apr 1999 $ 210.38 $ 317.03 $ 42,060.83
May 1999 $ 211.96 $ 315.46 $ 41,848.87
Jun 1999 $ 213.55 $ 313.87 $ 41,635.32
Jul 1999 $ 215.15 $ 312.26 $ 41,420.17
Aug 1999 $ 216.77 $ 310.65 $ 41,203.40
Sep 1999 $ 218.39 $ 309.03 $ 40,985.00
Oct 1999 $ 220.03 $ 307.39 $ 40,764.97
Nov 1999 $ 221.68 $ 305.74 $ 40,543.29
Dec 1999 $ 223.34 $ 304.07 $ 40,319.95
Jan 2000 $ 225.02 $ 302.40 $ 40,094.93
Feb 2000 $ 226.71 $ 300.71 $ 39,868.22
Mar 2000 $ 228.41 $ 299.01 $ 39,639.82
Apr 2000 $ 230.12 $ 297.30 $ 39,409.70
May 2000 $ 231.85 $ 295.57 $ 39,177.85
Jun 2000 $ 233.58 $ 293.83 $ 38,944.27
Jul 2000 $ 235.34 $ 292.08 $ 38,708.93
Aug 2000 $ 237.10 $ 290.32 $ 38,471.83
Sep 2000 $ 238.88 $ 288.54 $ 38,232.95
Oct 2000 $ 240.67 $ 286.75 $ 37,992.28
Nov 2000 $ 242.48 $ 284.94 $ 37,749.80
Dec 2000 $ 244.30 $ 283.12 $ 37,505.50
Jan 2001 $ 246.13 $ 281.29 $ 37,259.38
Feb 2001 $ 247.97 $ 279.45 $ 37,011.40
Mar 2001 $ 249.83 $ 277.59 $ 36,761.57
Apr 2001 $ 251.71 $ 275.71 $ 36,509.86
May 2001 $ 253.59 $ 273.82 $ 36,256.27
Jun 2001 $ 255.50 $ 271.92 $ 36,000.77
Jul 2001 $ 257.41 $ 270.01 $ 35,743.36< Today
Aug 2001 $ 259.34 $ 268.08 $ 35,484.02
Sep 2001 $ 261.29 $ 266.13 $ 35,222.73
Oct 2001 $ 263.25 $ 264.17 $ 34,959.48
Nov 2001 $ 265.22 $ 262.20 $ 34,694.26
Dec 2001 $ 267.21 $ 260.21 $ 34,427.04
Jan 2002 $ 269.22 $ 258.20 $ 34,157.83
Feb 2002 $ 271.23 $ 256.18 $ 33,886.59
Mar 2002 $ 273.27 $ 254.15 $ 33,613.32
Apr 2002 $ 275.32 $ 252.10 $ 33,338.01
May 2002 $ 277.38 $ 250.04 $ 33,060.62
Jun 2002 $ 279.46 $ 247.95 $ 32,781.16
Jul 2002 $ 281.56 $ 245.86 $ 32,499.60
Aug 2002 $ 283.67 $ 243.75 $ 32,215.93
Sep 2002 $ 285.80 $ 241.62 $ 31,930.13
Oct 2002 $ 287.94 $ 239.48 $ 31,642.19
Nov 2002 $ 290.10 $ 237.32 $ 31,352.08
Dec 2002 $ 292.28 $ 235.14 $ 31,059.80
Jan 2003 $ 294.47 $ 232.95 $ 30,765.33
Feb 2003 $ 296.68 $ 230.74 $ 30,468.66
Mar 2003 $ 298.90 $ 228.51 $ 30,169.75
Apr 2003 $ 301.15 $ 226.27 $ 29,868.61
May 2003 $ 303.40 $ 224.01 $ 29,565.20
Jun 2003 $ 305.68 $ 221.74 $ 29,259.52
Jul 2003 $ 307.97 $ 219.45 $ 28,951.55
Aug 2003 $ 310.28 $ 217.14 $ 28,641.27
Sep 2003 $ 312.61 $ 214.81 $ 28,328.66
Oct 2003 $ 314.95 $ 212.46 $ 28,013.71
Nov 2003 $ 317.32 $ 210.10 $ 27,696.39
Dec 2003 $ 319.70 $ 207.72 $ 27,376.69
Jan 2004 $ 322.09 $ 205.33 $ 27,054.60
Feb 2004 $ 324.51 $ 202.91 $ 26,730.09
Mar 2004 $ 326.94 $ 200.48 $ 26,403.15
Apr 2004 $ 329.40 $ 198.02 $ 26,073.75
May 2004 $ 331.87 $ 195.55 $ 25,741.89
Jun 2004 $ 334.35 $ 193.06 $ 25,407.53
Jul 2004 $ 336.86 $ 190.56 $ 25,070.67
Aug 2004 $ 339.39 $ 188.03 $ 24,731.28
Sep 2004 $ 341.93 $ 185.48 $ 24,389.35
Oct 2004 $ 344.50 $ 182.92 $ 24,044.85
Nov 2004 $ 347.08 $ 180.34 $ 23,697.77
Dec 2004 $ 349.69 $ 177.73 $ 23,348.08
Jan 2005 $ 352.31 $ 175.11 $ 22,995.78
Feb 2005 $ 354.95 $ 172.47 $ 22,640.83
Mar 2005 $ 357.61 $ 169.81 $ 22,283.21
Apr 2005 $ 360.29 $ 167.12 $ 21,922.92
May 2005 $ 363.00 $ 164.42 $ 21,559.92
Jun 2005 $ 365.72 $ 161.70 $ 21,194.20
Jul 2005 $ 368.46 $ 158.96 $ 20,825.74
Aug 2005 $ 371.23 $ 156.19 $ 20,454.51
Sep 2005 $ 374.01 $ 153.41 $ 20,080.50
Oct 2005 $ 376.81 $ 150.60 $ 19,703.69
Nov 2005 $ 379.64 $ 147.78 $ 19,324.05
Dec 2005 $ 382.49 $ 144.93 $ 18,941.56
Jan 2006 $ 385.36 $ 142.06 $ 18,556.20
Feb 2006 $ 388.25 $ 139.17 $ 18,167.96
Mar 2006 $ 391.16 $ 136.26 $ 17,776.80
Apr 2006 $ 394.09 $ 133.33 $ 17,382.71
May 2006 $ 397.05 $ 130.37 $ 16,985.66
Jun 2006 $ 400.03 $ 127.39 $ 16,585.63
Jul 2006 $ 403.03 $ 124.39 $ 16,182.60
Aug 2006 $ 406.05 $ 121.37 $ 15,776.56
Sep 2006 $ 409.09 $ 118.32 $ 15,367.46
Oct 2006 $ 412.16 $ 115.26 $ 14,955.30
Nov 2006 $ 415.25 $ 112.16 $ 14,540.04
Dec 2006 $ 418.37 $ 109.05 $ 14,121.68
Jan 2007 $ 421.51 $ 105.91 $ 13,700.17
Feb 2007 $ 424.67 $ 102.75 $ 13,275.50
Mar 2007 $ 427.85 $ 99.57 $ 12,847.65
Apr 2007 $ 431.06 $ 96.36 $ 12,416.59
May 2007 $ 434.29 $ 93.12 $ 11,982.29
Jun 2007 $ 437.55 $ 89.87 $ 11,544.74
Jul 2007 $ 440.83 $ 86.59 $ 11,103.91
Aug 2007 $ 444.14 $ 83.28 $ 10,659.77
Sep 2007 $ 447.47 $ 79.95 $ 10,212.30
Oct 2007 $ 450.83 $ 76.59 $ 9,761.47
Nov 2007 $ 454.21 $ 73.21 $ 9,307.27
Dec 2007 $ 457.61 $ 69.80 $ 8,849.65
Jan 2008 $ 461.05 $ 66.37 $ 8,388.61
Feb 2008 $ 464.50 $ 62.91 $ 7,924.10
Mar 2008 $ 467.99 $ 59.43 $ 7,456.11
Apr 2008 $ 471.50 $ 55.92 $ 6,984.62
May 2008 $ 475.03 $ 52.38 $ 6,509.58
Jun 2008 $ 478.60 $ 48.82 $ 6,030.99
Jul 2008 $ 482.19 $ 45.23 $ 5,548.80
Aug 2008 $ 485.80 $ 41.62 $ 5,063.00
Sep 2008 $ 489.45 $ 37.97 $ 4,573.55
Oct 2008 $ 493.12 $ 34.30 $ 4,080.43
Nov 2008 $ 496.82 $ 30.60 $ 3,583.62
Dec 2008 $ 500.54 $ 26.88 $ 3,083.08
Jan 2009 $ 504.30 $ 23.12 $ 2,578.78
Feb 2009 $ 508.08 $ 19.34 $ 2,070.70
Mar 2009 $ 511.89 $ 15.53 $ 1,558.82
Apr 2009 $ 515.73 $ 11.69 $ 1,043.09
May 2009 $ 519.60 $ 7.82 $ 523.49
Jun 2009 $ 523.49 $ 3.93 $ 0.00
$52,000.00 purchase price
$42,935.35 total interest
$45,000.00 lot rent (15 years)
$139,935.35
Get the picture?
