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I have calculated the total number of hours we spend sleeping beside each other in a week and I wanted to tell you it could be considered a full-time job. We could be eligible for healthcare benefits, could probably even pay for a mortgage by now. I remind myself of this, in daylight, when I miss you and cannot reach across the bed for the comforting filling and refilling of your chest. Such a strange affair we are having on each other; these hours that I have not lost but do not remember. This cannot be the best of love: to drool on someone’s collarbone or inhale an elbow to the jaw or be woken by the most ungraceful sounds of the body. But what is it if not the softening of grips? A letting go of. Your heart finally slowly that stubborn, lonely march.
Sierra DeMulder
Purchase Price $250,000 Down Payment $ 25,000 Mortgage Amount $225,000 At 7% Interest Rate 30 Years $1,349 $485,636 15 Years $1,899 $341,762 Difference $550 $143,874 Five hundred fifty dollars more per month, and you will save almost $150,000 and fifteen years of bondage. The really interesting thing I have observed is that fifteen-year mortgages always pay off in fifteen years. Again, part of a Total Money Makeover is putting in place systems that automate smart moves, which is what a fifteen-year mortgage is. Thirty-year mortgages are for people who enjoy slavery so much they want to extend it for fifteen more years and pay thousands of dollars more for the privilege. If you must take out a mortgage, pretend only fifteen-year mortgages exist. If you have a great interest rate, it is not necessary to refinance to pay a mortgage off in fifteen years or earlier. Simply make payments as if you have a fifteen-year mortgage, and your mortgage will pay off in fifteen years. If you want to pay any mortgage off in twelve years or any number you want, visit my website or get a calculator and calculate the proper payment at your interest rate on your balance for a twelve-year mortgage (or the number you want). Once you have that payment amount, add to your monthly mortgage payment the difference between the new principal and interest payment and your current principal and interest payment, and you will pay off your home in twelve years.
Dave Ramsey (The Total Money Makeover: A Proven Plan for Financial Fitness)
The immense new suburban sprawls of American cities have not come about by accident—and still less by the myth of free choice between cities and suburbs. Endless suburban sprawl was made practical (and for many families was made actually mandatory) through the creation of something the United States lacked until the mid-1930’s: a national mortgage market specifically calculated to encourage suburban home building.
Jane Jacobs (The Death and Life of Great American Cities)
A return to classical bank policy would deem loans fraudulent and annul debts when creditors do not lend with any reasonable calculation of how the debt can be paid in the normal course of economic life. Loans made without such a calculation should be considered predatory. The natural check on such behavior is to permit mortgage debtors to walk away from their homes, free of the debts attached to them, letting title revert to the banks that over-lent.
Michael Hudson (Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy)
Imagine being able to inquire directly to the asking price text of a home itself what the mortgage and down payments would be. Tomorrow’s calculators and configurators are hidden within our most common information forms today - text.
M. Pell (The Age of Smart Information: How Artificial Intelligence and Spatial Computing will transform the way we communicate forever)
Amortization is a method used to calculate the principal and interest portions of payments on a mortgage loan based on the current loan balance. As the loan balance decreases, the interest portion shrinks and the principal portion grows. In partial payment situations, the interest portion always gets paid first.
Michele Cagan (Real Estate Investing 101: From Finding Properties and Securing Mortgage Terms to REITs and Flipping Houses, an Essential Primer on How to Make Money with Real Estate (Adams 101 Series))
The CDOs that sliced up and then spliced together disparate debts belonging to a heterogeneous multitude of families and businesses were put together on the basis of certain formulae, whose purpose was, supposedly, to calculate their value and their riskiness. These formulae were developed by financial engineers working for Wall Street (e.g. for J. P. Morgan, Bank of America, Goldman Sachs, etc.). To render the formulae solvable, certain assumptions had to be made. First and foremost was the assumption that the probability that one slice of debt within a CDO would go bad was largely unrelated to the probability of a similar default by the other slices in the same CDO. That is, it was assumed that what happened in 2007–08 was…impossible! That it was unnecessary to factor in the possibility of some crisis, during which Bob lost his house for reasons that increased the chances that Jane would lose her job and eventually also default on her mortgage.
Yanis Varoufakis (The Global Minotaur: America, the True Origins of the Financial Crisis and the Future of the World Economy)
Gather six to 12 months of checking, savings, and credit card statements, and break your income and expenses down into categories and then line items. I have suggested some here, but add your own as needed. Check to see if your bank or credit card company provides reporting that categorizes charges or lets you assign categories—your work may already be almost done for you: •Income—paychecks, interest, dividends, rents, royalties, business income, pension, social security, child support, spousal support •Housing—mortgage/rent, property taxes, HOA dues, insurance •Utilities—gas, electric, propane, phone, TV/Internet, trash, water/sewer •Food—groceries, dining out •Auto—car payments, gasoline, repairs, insurance •Medical—health insurance, doctor/dentist visits, prescriptions, physical therapy •Entertainment—travel, concerts/shows, sports •Clothing—personal purchases, dry cleaning, uniforms •Personal care—hair/nails, gym/yoga, vitamins/supplements •Miscellaneous—gifts, pets, donations •Children—education, activities, school lunches, childcare You can use a spreadsheet or pen and paper to take note of income and expenses as you go through statements, then calculate a monthly average for each item.
Debra Doak (High-Conflict Divorce for Women: Your Guide to Coping Skills and Legal Strategies for All Stages of Divorce)
There are the subsidies to the wealthy like the carried-interest tax loophole or the mortgage subsidy for yachts. By some calculations, corporate subsidies, credits, and loopholes are 50% higher than entitlements to the poor, not including medicare and medicaid.Some of the other subsidies are outlandish. Put a few goats on your golf course and you can classify it as farmland, as President Trump did, and you can save large sums in taxes. The tax code has come to serve the wealthy in myriad of ways.
Nicholas D. Kristoff and Sheryl WuDunn
First, the low level of private indebtedness left enormous room for a lot more lending. Back-of-the-envelope calculations made French and German bankers salivate at the room for lending in the Mediterranean, in Portugal and in Ireland. In contrast to British or Dutch clients who were mortgaged up to their ears, and were hardly in a position to borrow more, Greek and Spanish customers could quadruple their borrowing, given that they had so little debt to
Yanis Varoufakis (And the Weak Suffer What They Must?: Europe's Crisis and America's Economic Future)
The Modus Operandi of THE REGULUS CONCLAVE as spelled out in 1853! “We hold such and such opinions upon one point only; and that one point is, mutual interest, and under that; 1st, that we can govern this nation; 2d, that to govern it, we must, subvert its institutions; and, 3d, subvert them we will! It is our interest; this is our only bond. Capital must have expansion. This hybrid republicanism saps the power of our great agent by its obstinate competition. We must demoralize the republic. We must make public virtue a by-word and a mockery, and private infamy to be honor. Beginning with the people, through our agents, we shall corrupt the State. “We must pamper superstition, and pension energetic fanaticism—as on ’Change we degrade commercial honor, and make success the idol. We may fairly and reasonably calculate, that within a succeeding generation, even our theoretical schemes of republican subversion may be accomplished, and upon its ruins be erected that noble Oligarchy of caste and wealth for which we all conspire, as affording the only true protection to capital. “Beside these general views, we may in a thousand other ways apply our combined capital to immediate advantage. We may buy up, through our agents, claims upon litigated estates, upon confiscated bonds, mortgages upon embarrassed property, land-claims, Government contracts, that have fallen into weak hands, and all those floating operations, constantly within hail, in which ready-money is eagerly grasped as the equivalent for enormous prospective gains. “In addition, through our monopoly of the manufacturing interest, by a rigorous and impartial system of discipline, we shall soon be able to fill the masses of operators and producers with such distrust of each other, and fear of us, as to disintegrate their radical combinations, and bring them to our feet. Governing on ’Change, we rule in politics; governing in politics, we are the despots in trade; ruling in trade, we subjugate production; production conquered, we domineer over labor. This is the common-sense view of our interests—of the interests of capital, which we represent. In the promotion of this object, we appoint and pension our secret agents, who are everywhere on the lookout for our interests. We arrange correspondence, in cipher, throughout the civilized world; we pension our editors and our reporters; we bribe our legislators, and, last of all, we establish and pay our secret police, local, and travelling, whose business it is, not alone to report to us the conduct of agents already employed, but to find and report to us others, who may be useful in such capacity. “We punish treachery by death!” (from YIEGER'S CABINET or SPIRITUAL VAMPIRISM, published 1853)
Charles Wilkins Webber
There is one more explanation, I think, of the reorientation of our minds. The nineteenth century carried to extravagant lengths the criterion of what one can call for short the financial results, as a test of the advisability of any course of action sponsored by private or by collective action. The whole conduct of life was made into a sort of parody of an accountant's nightmare. Instead of using their vastly increased material and technical resources to build a wonder-city, they built slums; and they thought it right and advisable to build slums because slums, on the test of private enterprise, 'paid', whereas the wonder-city would, they thought, have been an act of foolish extravagance, which would, in the imbecile idiom of the financial fashion, have 'mortgaged the future' ; though how the construction today of great and glorious works can impoverish the future no man can see until his mind is beset by false analogies from an irrelevant accountancy.... The same rule of self-destructive financial calculation governs every walk of life.
John Maynard Keynes (National self-sufficiency)
When you first start paying off a traditional fixed-rate mortgage, a larger portion of your monthly payment goes toward paying off the interest, not the principal. This is because the interest is calculated based on the remaining balance of the loan, which is highest at the beginning. As you continue to make payments, the principal amount reduces. Thus the interest calculated on this decreasing principal also reduces. Over time, a greater portion of your monthly payment goes toward the principal, allowing you to pay off the loan more quickly as you advance through the mortgage term.
Kyla Scanlon (In This Economy?: How Money & Markets Really Work)
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