The Mortgage Pay Down Question

On a recent trip to Boston, I had a chance to go see Paul Revere’s house, the oldest standing house in Boston. During the tour, I was told that Mr. Revere put a down payment on the home in 1770, and then took out a mortgage of five years for the balance of 160 pounds. Boring to some (OK, probably most), but I found this fact fascinating. Not only were mortgages in existence 240+ years ago, but even someone who was apparently quite well-off had one!

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