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re: Home Equity question
Posted on 8/2/13 at 12:11 pm to mglsu21
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.
1
Posted on 8/2/13 at 12:15 pm to Lsut81
He'll pay less interest over the next 3 - 5 years if he has reduced the balance more than what his amortization originally called for.
I would just be concerned about putting the money into paying down the mortgage just because something else might come up.
I would just be concerned about putting the money into paying down the mortgage just because something else might come up.
This post was edited on 8/2/13 at 12:15 pm
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