06 August 2010

One Down, Three Hundred Fifty-Nine To Go

We just got a mortgage statement reflecting our first payment made and reminding us to make the second payment. (Do they think we're going to forget?) I wish Bank of America had our new loan -- it was so easy to set up automatic payments, since that's where we do our banking (plus they gave us a free safe deposit box and lots of other perks...which, if I remember correctly, is why we started banking there in the first place).

Anyway, I noticed that our principal payments are roughly the same as they were with our much smaller, 15-year loan on the condo...but we're paying way more interest (despite a better interest rate). In the condo, we paid so little interest that we would double up our property taxes and donations and only itemize every other year. No such "problem" here. It's going to be a long 30 years....

(Not that I'm complaining. We are unbelievably blessed to be able to build and live in -- and pay for -- this amazing house. But the numbers are still a bit of a shock to me. What can I say? I grew up drinking powdered milk.)

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