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re: Home Equity question
Posted on 8/2/13 at 12:18 pm to Lsut81
Posted on 8/2/13 at 12:18 pm to Lsut81
quote:
Yeah, its figured out ahead of time... So him paying more in principal isn't going to affect the interest he pays next month or the month after. His monthly interest amounts are fixed, not variable. The advantage would be paying the principal off earlier so you save those remaining months of interest payments.
Correct, which will be greater than interest he can accumulate in a savings account, so the extra money is better applied to the current loan per this scenario
1
Posted on 8/2/13 at 12:31 pm to ItNeverRains
quote:
Correct, which will be greater than interest he can accumulate in a savings account, so the extra money is better applied to the current loan per this scenario
But he will never get to the point of paying it off... He is planning on selling in 4-5yrs. So he is just parking cash there until he takes it back out when he sells. Id rather have my money in an account that I can access if something comes up and I need it.
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