I have proudly been a resident of Swampscott for 5 years. Relatives of mine have lived here close to 20+ years! It is a great ocean side community. I love the small town feel but with all the convenience of shopping the town has to offer. My family and I enjoy the summer strolls along the beach along with the local restaurants. Please give me a call anytime for more information.... more
That makes perfect sense. Assume they bought for $369,000 and put 5% down. That means they financed $350,550. Assume they had a 7% 30 year mortgage. They'd owe almost exactly $317,000.
You can play around with those numbers a bit--maybe a bit more down, or slightly higher interest rate, or a first and a second at different rates coming up to a bit more than 7%. Still, that could be pretty much on target.