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How Much Does President Obama Still Owe on His House?
Townhall.com ^ | April 23, 2012 | Political Calculations

Posted on 04/23/2012 6:04:20 AM PDT by Kaslin

In June 2005, President Barack Obama paid $1.65 million to acquire his house in Chicago. How much do you think he still owes on it today?  Stately Obama Manor (Image Source: Zillow)

Believe it or not we can actually answer that question using information from the President's tax returns, which he has released to the public! Combined with information about his mortgage, which the Washington Post has been kind enough to publish, we estimate that as of this month, April 2012, President Obama still owes approximately $806,000 on his residence at 5046 South Greenwood Avenue in Kenwood, Illinois.

Here's how we know. Since President Obama closed on the transaction to purchase his Chicago residence in June 2005, we estimated that his first payment would be in August 2005. Taking the original amount of the President's mortgage (approximately $1.32 million) along with his interest rate (5.625%), we used Hugh Chou's mortgage calculator to generate a full amortization schedule for the President's 30 year mortgage, which would apply provided that the President has never acted to refinance his mortgage.

President Obama's monthly mortgage payment on his Chicago residence is over $7,598. This combined total of just principal and interest adds up to $91,184 per year.

We then worked out what remaining principal would coincide with having made $47,564 in mortgage interest payments over a 12 month period of time, as he did for the 2011 tax year under the terms we know of his mortgage. That amount turns out to be almost $821,000, which represents the amount that the President still owed on his house in Chicago as of the end of 2011.

Looking ahead by four additional months down the amortization schedule to bring us up to this point in time, April 2012, would put the amount of principal still remaining on the President's mortgage at approximately $806,000. And that's how we arrived at this figure!

The President's Previous Payment History

Examining President Obama's previously released tax returns, we can reconstruct a good portion of the President's payment history on his mortgage.

For example, sometime in either December 2005 or January 2006, the President made an extra payment toward his mortgage of approximately $225,000. We base this estimate upon what the remaining principal on his house would have to be in order to accumulate just the $60,449 of mortgage interest payments by the end of the year, as reported on his 2006 taxes. If President Obama had not made the extra payment on his mortgage, he would have instead reported total mortgage interest payments for 2006 of around $73,000.

The $225,000 figure is not coincidental. Our best estimate of the actual value of President Obama's residence at the time he originally purchased it indicates that he overpaid by approximately $222,170. President Obama's released income tax records therefore provide evidence that indicates that he was fully aware that he had been taken to the cleaners in the transaction. So much so that he was willing to inject a substantial sum of cash into his mortgage for the sake of reducing his increased exposure to the risks of being fully underwater on his newly purchased house less than six months after making his first payment on it.

We also note that January 2006 saw the President's purchase of the so-called "Rezko" lot, a 10 foot wide by 50 feet long strip immediately south of the President's original property for $104,500 in cash. All told, we estimate that the President put nearly $330,000 of cash from his own pocket into his property in Chicago at that time. That would be on top of his original $330,000 down payment for the residence over six months earlier.

Using the same analysis methods as we did for 2006, we estimate the President made extra payment(s) totaling around $14,000 toward his mortgage in 2007, and in 2008, the President paid roughly an additional $31,000 toward his mortgage, above and beyond his regular monthly payments.

Since becoming President and moving to Washington D.C. to live at taxpayer expense in the White House, Barack Obama has made no extra payments toward his mortgage. The amount of mortgage interest paid during these years as reported on his taxes is fully consistent with only making scheduled payments for the remaining principal on the mortgage as reduced by the extra payments described above.

Data Sources

Obama, Barack. 2005 Tax Return, 2006 Tax Return, 2007 Tax Return, 2008 Tax Return, 2009 Tax Return, 2010 Tax Return, 2011 Tax Return.

Stephens, Joe. Obama Got Discount on Home Loan. Washington Post. 2 July 2008.


TOPICS: Business/Economy; Editorial
KEYWORDS:

1 posted on 04/23/2012 6:04:24 AM PDT by Kaslin
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To: Kaslin

Why pay it off. He’s planning on staying in the White Hut for LIFE!


2 posted on 04/23/2012 6:07:28 AM PDT by Bryanw92 (Sic semper tyrannis)
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To: Kaslin

Effectively, nothing, because he’ll never really have to pay it off.


3 posted on 04/23/2012 6:09:26 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: MrB

He can rent out a couple of rooms to the Secret Service to cover a few thousand a month of mortgage payments. It gets even better. The money would probably come from the GSA. The bottomless money pit is miraculous.


4 posted on 04/23/2012 6:15:39 AM PDT by bytesmith
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To: Kaslin
Obama, Ayers, and Farrakhan all live within 2 blocks of each other

http://hillbuzz.org/2008/10/10/obama-ayers-and-farrakhan-all-live-within-2-blocks-of-each-other/
_____________________________________________________

"It was at the Chicago home of [Bill] Ayers and [Bernardine] Dohrn that Obama, then an up-and-coming 'community organizer,' had his political coming out party in 1995. Not content with this rite of passage in Lefty World — where unrepentant terrorists are regarded as progressive luminaries, still working 'only to educate' — both Obamas tended to the relationship with the Ayers."
Article: The Company He Keeps:
Meet Obama’s circle: The same old America-hating Left
http://article.nationalreview.com/?q=YThjYTU1ZDBjNmQ2YzcwNzU1MmYwN2JiMWY0ZGI0NDA=&w=MA==
_____________________________________________________

From the Chicago Sun Times, November 13, 2008:

Ayers: Obama was 'family friend'
New afterword to 2001 book, Ayers describes Barack Obama as 'family friend'

http://www.suntimes.com/news/politics/obama/1278532,bill-ayers-barack-obama-book-111308.article#
_____________________________________________________

"This is a guy who lives in my neighborhood, who's a professor of English..."
--B.H. Obama

YouTube Video:
The O'Reilly Factor confronts Bill Ayers:
October 24, 2008:
(note the red communist star on his shirt)
http://www.youtube.com/watch?v=dP3uvK9gTIY

5 posted on 04/23/2012 6:15:57 AM PDT by ETL (ALL (most?) of the Obama-commie connections at my FR Home page: http://www.freerepublic.com/~etl/)
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To: MrB

He can rent out a couple of rooms to the Secret Service to cover a few thousand a month of mortgage payments. It gets even better. The money would probably come from the GSA. The bottomless money pit is miraculous.


6 posted on 04/23/2012 6:19:16 AM PDT by bytesmith
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Comment #7 Removed by Moderator

To: Kaslin

Please....This is where Barry is going to keep Bo until he gets hungry. Wait until you see the size of the mansion he is going to build with stolen stimulus dollars and soros money.


8 posted on 04/23/2012 6:21:21 AM PDT by jakerobins
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To: Kaslin

How does it feel to know you are subsidizing his mortgage interest deduction??

With interest rates at around 4% (compared to when we built our house in the mid-80’s when it was 13 1/2%) why should taxpayers subsidize anything higher than a $500K home FIRST home mortgage? The low interest rates are stimulus enough.


9 posted on 04/23/2012 6:26:30 AM PDT by finnsheep
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To: Kaslin
"In June 2005, President Barack Obama paid $1.65 million to acquire his house in Chicago."

OK, feel free to color me "stupid".......but just how does a lowly Senator (I forget the Usurper's career timeline; was he a Senator or a State Senator in 2005?), whose salary is public record, even afford a $1.65M property?

Inquiring minds want to know.

10 posted on 04/23/2012 6:29:49 AM PDT by RightOnline (I am Andrew Breitbart!)
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To: Kaslin

Aside from the fact there there appears to be something fishy about his home loan, has Obama even been back to that residence since Jan 20, 2009? None of his numerous vacations have certainly been to Chicago and I don’t seem to recall him going back to Chicago and staying there. It seems strange that in nearly four years he apparently has never gone back to his “home”. Compare this to George Bush who went back to his Texas ranch every time he had the chance, Bush 41 going back to the family compound in Maine and Reagan going back to his California ranch. Only the Clintons’...who never really owned a home in Arkansas and Obama seem to have no place they call home.


11 posted on 04/23/2012 6:39:32 AM PDT by The Great RJ
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To: Kaslin

How Much Does President Obama Still Owe on His House?

Two Czar positions.


12 posted on 04/23/2012 6:42:12 AM PDT by UCANSEE2 (Lame and ill-informed post)
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To: RightOnline

Asking that, or any other question, about Obama, is racist.


13 posted on 04/23/2012 6:43:50 AM PDT by Lazamataz (Shut up and drill.)
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To: The Great RJ
It seems strange that in nearly four years he apparently has never gone back to his “home”.

Maybe Obama could put up some of those OWS protesters. I mean why let a large house go to waste?

14 posted on 04/23/2012 6:44:33 AM PDT by UCANSEE2 (Lame and ill-informed post)
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To: RightOnline
Easy! He had a salary of $165K and his wife had a no show/ no work job at a Chicago hospital as a ‘Community Outreach Specialist’ that paid her $330k a year for a total of $495K per year or $41,333. per month on a mortgage between $900 - $15,000 per month. After tax income would be around $25k - $30k per month. Even a spend thrift like Obama could swing that payment.

Of course, we don't want to forget GRAFT and OUTRIGHT FRAUD!

15 posted on 04/23/2012 6:48:36 AM PDT by Jim from C-Town (The government is rarely benevolent, often malevolent and never benign!)
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To: Kaslin
How Much Does President Obama Still Owe on His House?

He should be getting free accommodations at sunny Guantanamo Bay, Cuba.

16 posted on 04/23/2012 7:03:10 AM PDT by The Sons of Liberty (Sworn to Defend The Constitution Against ALL Enemies, Foreign and Domestic. So Help Me GOD!)
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Comment #17 Removed by Moderator

To: Kaslin

Corzine paid it off, out of petty cash.


18 posted on 04/23/2012 7:26:24 AM PDT by crosshairs (As long as there is evil, "Coexist" is impossible.)
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To: Kaslin

Nice place for someone who never worked a day in his life.


19 posted on 04/23/2012 7:31:43 AM PDT by Jumpmaster (Defund the Left!)
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To: Kaslin
who know who pays the note on the mortgage.

his house was bought by\put into a land trust when it was bought.
the assessment is in the name of WILLIAM MICELI.

I wonder if OBlamer claims a mortgage deduction on his taxes ?

20 posted on 04/23/2012 7:40:28 AM PDT by stylin19a
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To: Kaslin

Wasn’t this the house that has had the title transferred a half dozen times including a judge being owner of record?


21 posted on 04/23/2012 7:41:21 AM PDT by sanjuanbob (Festina Lente)
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To: Kaslin

... and if that information was gathered from his tax turn, then it means he TOOK ADVANTAGE OF A LOOPHOLE by filing the OPTIONAL Schedule A instead of simply taking the standard deduction. As a person “with more income than they need” (paraphrasing his words), did Obama LEAD BY EXAMPLE and make sure he paid his “fair share” of at least 30% tax??? /rhetorical


22 posted on 04/23/2012 7:41:36 AM PDT by NonValueAdded (Steyn: Obama sez: "Nice little Supreme Court you got here. Shame if anything were to happen to it.")
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To: RightOnline

you are forgetting Michelle’s hospital “job”


23 posted on 04/23/2012 7:43:20 AM PDT by NonValueAdded (Steyn: Obama sez: "Nice little Supreme Court you got here. Shame if anything were to happen to it.")
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To: Kaslin

The Soviet Model.


24 posted on 04/23/2012 8:03:15 AM PDT by onedoug
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To: Kaslin
Isn't there something scandalous about whose name(s) appear on the property tax rolls for the Obamah address?
25 posted on 04/23/2012 8:30:23 AM PDT by TexasCajun
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To: Kaslin

One rumor says that Barry took the ‘office in home’ deduction on his 2011 tax return!

Any more info on that?

I don’t see how he dares to do such, since he has been in the White House since 1-29-09.


26 posted on 04/23/2012 8:42:53 AM PDT by ridesthemiles
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27 posted on 04/23/2012 9:59:03 AM PDT by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list)
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To: Kaslin

A fence right down the middle of his property. Is this the original boundary? Didn’t Rezko give up some of his lot to make obama’s mortgage work?

They wanted him in their neighborhood. I guess so they could keep a watch on him.

It’s really sad that people voted for this guy.


28 posted on 04/23/2012 10:04:52 AM PDT by Terry Mross ("It happened. And we let it happen." - Peter Griffin, FAMILY GUY)
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To: Kaslin

How Much Does President Comrade Obama Still Owe on His House Dacha?

There -that's better.

29 posted on 04/23/2012 11:11:30 AM PDT by DBeers (†)
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