The Boston Diaries

The ongoing saga of a programmer who doesn't live in Boston, nor does he even like Boston, but yet named his weblog/journal “The Boston Diaries.”

Go figure.

Wednesday, June 23, 2004

Now that's a low interest rate!

From: “Effie Champion” <>
Subject: $67213
Date: Wed, 23 Jun 2004 21:47:59 +0500


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!


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