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re: Home Equity question
Posted on 8/2/13 at 12:07 pm to Lsut81
Posted on 8/2/13 at 12:07 pm to Lsut81
quote:
Not doubting you, but how so?
When you sign up for a 30yr mortgage, your payments are determined as X. Principal and then interest on the amount financed.
Your payments do not change as your principal is paid down
Your payments do not change throughout the course of the loan. But the amount going towards principal and interest do change. The lower your loan balance the more that goes towards principal and the less that goes towards interest.
1
Posted on 8/2/13 at 12:11 pm to mglsu21
quote:
Your payments do not change throughout the course of the loan. But the amount going towards principal and interest do change. The lower your loan balance the more that goes towards principal and the less that goes towards interest.
Exactly...
But he said he plans on selling in 5yrs, so he will never really see it.
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