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RE: Mortgage interest rates today are 4%. They should have no problem paying the bank.

I used this mortgage calculator based on 4% interest for a 30 year loan. Here is the result...

Year	Beginning Balance	Interest	Annual Payment	Ending Balance
1	$783000	$31069	$44858	$769211
2	769211	30507	44858	754860
3	754860	29923	44858	739925
4	739925	29314	44858	724381
5	724381	28681	44858	708204
6	708204	28022	44858	691368
7	691368	27336	44858	673846
8	673846	26622	44858	655610
9	655610	25879	44858	636631
10	636631	25106	44858	616878
11	616878	24301	44858	596321
12	596321	23463	44858	574927
13	574927	22592	44858	552661
14	552661	21685	44858	529488
15	529488	20741	44858	505370
16	505370	19758	44858	480270
17	480270	18735	44858	454148
18	454148	17671	44858	426961
19	426961	16563	44858	398666
20	398666	15411	44858	369219
21	369219	14211	44858	338572
22	338572	12962	44858	306676
23	306676	11663	44858	273481
24	273481	10310	44858	238934
25	238934	8903	44858	202979
26	202979	7438	44858	165559
27	165559	5914	44858	126614
28	126614	4327	44858	86083
29	86083	2676	44858	43901
30	43901	957	44858	0

Close to half of their income goes to pay off the houses/condos they are mortgaging on.

That of course is ASSUMING one or both of them don't get laid off. If this happens, they are royally screwed.

Well, by those numbers it is doable BUT they would be on the Dave Ramsey Beans and Rice budget for the entire time they are on that schedule. I bet someone as stupid as this couple is not going to sit still for 30 years paying off their draconian debt burden which they created themselves.

Sorry, I have no sympathy for them or their lenders...go into chapter 13 and live with the consequences, in a 1500 apartment rental they can afford and a beater for a car.

........I used this mortgage calculator based on 4% interest for a 30 year loan.................

The trouble with your table is that the debt includes car loans and student loans, so the entire payments are not over 30 years, or at 4%.

Probably near term their debt payments are considerably more than the $44k per year in your table.