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Kevin J. May, Serving the Treasure & Paradise Coasts of Florida (Florida Supreme Realty)

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Rainmaker
1,197,152
Peter Mohylsky, Beach Expert
PMI. Destin - Miramar Beach, FL
Call me at 850-517-7098

The suspense builds and I am waiting for the correct answer.

Feb 22, 2017 03:10 AM
Ambassador
5,230,113
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

My guess would be 19 or 20 years also.  

Feb 21, 2017 08:45 PM
Rainmaker
1,052,211
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

This is a wild guess going by instinct, but I would say you'll probably hit the halfway point about 20 years in if you make the regular payment every month.

Feb 21, 2017 07:47 PM
Rainmaker
1,153,794
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Assuming 360 regular monthly payments, number 231 would get you to the midpoint. The correct answer is 19 years and 3 months.

Congratulations to Debe Maxwell, CRS for being the closest to the mark!

 

 

Feb 22, 2017 11:20 AM
Rainmaker
2,781,173
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

18-20 years

Feb 22, 2017 08:12 AM
Ambassador
2,436,099
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

Well, since we can't actually use any tools to figure this out, I'm going to guess it's 22 years. The first 15 or so years are mostly interest so it'll take a while to get that principal down.

Feb 22, 2017 03:52 AM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Kevin J. May - a mere guess - 18 years. (Assuming monthly payments on a regular basis.)

Feb 21, 2017 10:04 PM
Rainmaker
599,274
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

On a 30-year loan, I would guess it's around 20 years.

Feb 21, 2017 08:33 PM
Rainmaker
1,045,440
Dave Martin (703) 585-4687
Fairfax Realty - Fairfax, VA
Making Realty Dreams a Reality #WeWillGetYouHome

No calculator other than me I would say it would be about 19 years but I do have an edge when it comes to math so if you have another I am game Kevin J. May 

Feb 08, 2018 08:39 PM
Rainmaker
1,622,432
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

My guess was that it is 2/3 of the term since you pay mostly interest first years. 

Feb 22, 2017 08:30 PM
Rainmaker
3,986,258
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

My guess was going to be 20 years because the start of the loan sees little going onto the pricepal

Feb 22, 2017 02:45 PM
Rainmaker
5,772,575
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Thanks for the answer, Kevin.

Feb 22, 2017 02:32 PM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thanks

Feb 22, 2017 01:30 PM
Rainmaker
5,583,278
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

that's a long road, but it's a journey everyone needs to take for financial independence.... 

Feb 22, 2017 01:03 PM
Rainmaker
4,936,705
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I guess I would have to call my lender and ask him.

 

Feb 22, 2017 10:49 AM
Rainmaker
1,502,998
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Good thing I have an abacus around!

My guess is 20 years.  I have two mortgages right around the 200k mark, 30 yrs at 3.1-3.7% and I know that I have to pay $1k extra to principal to get it paid off in 9 or 10 years, unlike the days of 14% interest when 1 payment towards principal a year knocked the mortgage time in half.

 

That's why I'm guessing 20 years.  Right now I see a $5 difference in how much of my normal payment goes to principal v. interest each month.

Feb 22, 2017 09:16 AM
Rainmaker
1,466,207
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Kevin J. May It used to be around 17 years before more of the payment was going towards the principle than the interest.

Feb 22, 2017 09:03 AM
Rainmaker
1,725,996
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

Is this a new license test question?

Feb 22, 2017 08:00 AM
Ambassador
2,684,109
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 20 years.

 Anyone using "Common Core" wouldn't be making enough money to get a mortgage.

Feb 22, 2017 07:47 AM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I would say about 2/3's of the way to the end of term. Now let me use my calcualtor and I'll get it exactly.

Feb 22, 2017 07:38 AM
Rainer
55,673
Joe D'Agostino
NMLS# 729950 - Manahawkin, NJ
Mortgage Officer 46 years!

You left too many variables unanswered. But for a 30 year mortgage at 4.25% it takes approx. 20 years to reach 1/2 of principal. However on a 15 year mortgage is takes approx. 8 years. I get asked this question ofter,so I know that this is fairly accurate. If one can afford it.....15 years is the way to go.

 

 

Feb 22, 2017 07:04 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I'm guessing around 25-26 years.

Feb 22, 2017 07:01 AM
Rainmaker
989,652
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

Yes I can - can you ? ;)

Feb 22, 2017 06:48 AM
Rainmaker
3,416,038
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Making regular payments it would be around 19 years. Using common core math, you would need that many years to figure it out and as long as you were close, you get credit. That is why NH is taking their school districts off of the disaster they call common core

Feb 22, 2017 05:38 AM
Rainmaker
1,712,676
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Common Core? And for me this would be a waste of time. I like tools so I have time for the good stuff.

Feb 22, 2017 05:19 AM
Rainmaker
4,882,355
Richard Weeks
Dallas, TX
REALTOR®, Broker

I will let my friend Sweet Brown answer for me.

https://www.youtube.com/watch?v=6gLMSf4afzo

Feb 22, 2017 05:11 AM
Rainmaker
1,617,916
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

that is amazing

Feb 22, 2017 04:52 AM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Peter Mohylsky nailed this one!

Feb 22, 2017 04:37 AM
Rainmaker
1,844,301
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

17 years is my answer. I first wrote 15, then  20, then this one lol.

Feb 22, 2017 04:32 AM
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Didn't have a clue.

Feb 22, 2017 04:00 AM
Ambassador
5,049,450
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Maybe 20 years?

Feb 21, 2017 10:25 PM
Rainmaker
1,543,823
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

17 years

Feb 21, 2017 10:15 PM
Rainmaker
1,157,785
FN LN
Toronto, ON

Some missing variables include frequency of payments and when interest is compounded.

Feb 21, 2017 09:52 PM
Ambassador
6,393,609
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Glad that you didnt say I could not use a spreadsheet.

Feb 21, 2017 08:56 PM
Rainmaker
711,852
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Probably around 20 years - just guessing.

Feb 21, 2017 08:48 PM
Rainer
97,816
Carol Wilson
Your $imple Home - Toronto, ON

89 years?  (no idea, it just came to me)

--hope you tell us in a couple of days, lol

Feb 21, 2017 07:39 PM
Rainmaker
5,868,554
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Cool, but have never had anyone ask me that, thankfully! 

Feb 24, 2017 05:22 PM