HOW I HAVE A $700 MORTGAGE IN CALIFORNIA AS A FINANCIALLY RESPONSIBLE 25 YR OLD

@asap.kristy

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Why it worked

The video likely resonated due to its relatable financial goal (homeownership) and the creator's transparent, step-by-step explanation of how she achieved a seemingly low mortgage payment through diligent saving and strategic financial decisions.

Summary

A 25-year-old explains how she achieved a $700 mortgage in California by making a large down payment and significant additional principal payments over time. She details her home purchase, down payment, loan amounts, and subsequent refinancing to lower her monthly payments and interest.

Structure

1Introduction: $700 mortgage in California
2Home purchase details: price, down payment, original loan amount
3Saving and frugal lifestyle
4Additional principal payments
5Refinancing to lower interest rate and loan term
6Final mortgage amount and explanation

On-screen text

HOW I HAVE A $700 MORTGAGE IN CALIFORNIA AS A FINANCIALLY RESPONSIBLE 25 YR OLD

Original caption

How I have a $700 mortgage in California #fyp #mortgage #Home #homeowner #money

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Transcript

Here's how I have a $700 mortgage in the state of California. Let's get into the video. For those that don't know, I bought a home in June of 2024 or June of July and I bought my home for $270,000. Now, it is a single family home no HOA fees and so forth. When I bought that home, I did put down a 30% down payment so roughly $81,000. So my original loan amount was $189,000 on my home. Right? That was the original loan amount. that I was borrowing. That took years of me working two jobs, five plus years, right? 80 hours a week, hustling, saving my money and just being really frugal with it. Once I made that huge down payment, everything after, is the reason why I got my loan amount down. So, let's run through that too. I do have all of my like info on here, so I will be using it for contacts. I document it to you guys and I sure that process with you of me making additional 40,000 payment. And that was me using my savings to put towards the home so that I can bring down the loan amount. and in turn, I'm going to be, you know, giving them less interest. Following that next year of March 4th of 2025, I made an additional $8,000 payment. I went towards the principal. June 24th of 2025, I made a $60,000 payment and that in turn are all the payments or additional payments that I made along with paying every single month on the first of the month. So that helped bring down my loan amount to like 60k. I also refi that same year, and that brought down my interest And basically, they refi I wanted just a 10-year loan and that brought my mortgage down to 700 from originally 1,305 to 700. That was my choice to do the refi because I already brought on my loan amount so much, but I also wanted to lower my interest rate and I knew I could afford it. So it just made sense for me financially. The refi, um, updated to the years, that made my mortgage now $700 because the loan amount changed from $189,000 to now $60,000. I hope that clarifies it. I love you guys so much. Bye.