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Message
re: Home Equity question
Posted on 8/2/13 at 12:51 pm to Lsut81
Posted on 8/2/13 at 12:51 pm to Lsut81
quote:
His monthly interest amounts are fixed, not variable.
Incorrect. His interest amounts each month will change if he pays more towards principal in prior months.
His interest amount is figured out ahead of time if he pays exactly the amount required monthly to pay it off in the amortized amount of time. However if he pays more each month then following months he will be paying less interest which will cause him to pay off the loan early.
1
Posted on 8/2/13 at 12:55 pm to mglsu21
quote:
Incorrect. His interest amounts each month will change if he pays more towards principal in prior months.
Well I am completely wrong then... I did not know that your actual interest payments could change from month to month if you paid more down on your principal.
Learn something new every day.
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