| Question regarding standard 30 year amortization schedule vs |
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CentraliaYJ
New Member
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Joined: 16 May 2012
Location: Centralia
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| Question regarding standard 30 year amortization schedule vs |
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We bought our house using an owner financed contract. Our agent said it would be a 30 year amortization schedule. After a year i have noticed that its not. I guess it was configured to compute interest on a daily basis somehow. Instead of paying less and less interest as we go it is all determined from the date we sent in our payment and from when the last one was received.
So i have a few questions.
1. Is this a standard form of mortgage? If so who benefits from it more the seller or buyer?
2. It seems we came out ahead in the first year but only by about 275 compared to what we would have owed on the 30 year amortization. Is that going to change in the next years?
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Fri Jun 08, 2012 9:22 pm |
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