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re: Home Equity question
Posted on 8/2/13 at 12:31 pm to ItNeverRains
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.
1
Posted on 8/2/13 at 12:43 pm to Lsut81
Add'l principal payments change the amortization schedule so more of your monthly payment will go to principal.
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