Any amortization calculator would show different from what you're saying.

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May 6, 2015
11:39:58am

mulletYno

Each month, your fixed interest rate is applied on a monthly basis to the previous month's average principal balance.

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mulletYno

Previous username: mulletino
New username: mulletino
Bio page: mulletYno
Joined: Feb 21, 2002
Last login: Feb 3, 2017
Total posts: 0 (0 FO)

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Messages

Author

Time

So it looks like everyone agrees I should refinance to a 15 yr, anyone know a

snowbird

5/6/15 10:04am

Hi.

mulletYno

5/6/15 10:06am

^^this guy^^

JOPE

5/6/15 10:07am

Your absolutely best option would be to leave the smaller payment of the 30 yr

JamesDean

5/6/15 10:11am

Without more information, this is one of the better answers

Biyamiti

5/6/15 10:13am

Never pay extra principal on your mortgage monthly.

TonyStark

5/6/15 10:17am

Does this also apply to the famous bi-weekly programs? Edited *more info

El Fuego

5/6/15 10:20am

I don't believe ROI is the most important part of paying off your mortgage.

JamesDean

5/6/15 10:20am

Are you in debt if you have the liquid funds to pay off the debt, but

Baron

5/6/15 10:21am

Absolutely. Until that debt is paid, you are in debt.

JamesDean

5/6/15 10:21am

Well I am going to always be in a constant state of debt since I only

Baron

5/6/15 10:24am

um ya

JamesDean

5/6/15 10:41am

It absolutely reduces the interest you pay, it does not reduce your payment howe

johnnybyu

5/6/15 10:31am

I don't get this. I pay $200 extra every month toward principal.

QuickCoug

5/6/15 10:33am

He is wrong. He may be trying to say your payment doesn't change which is corre

johnnybyu

5/6/15 10:34am

Let me explain my position

TonyStark

5/6/15 11:35am

Any amortization calculator would show different from what you're saying.

mulletYno

5/6/15 11:39am

I know, I am being confusing.

TonyStark

5/6/15 11:44am

Can't disagree with that.

mulletYno

5/6/15 11:50am

I agree with this. Your statement that it does not reduce the interest is wrong

johnnybyu

5/6/15 2:02pm

<< Deleted >>

Buffalo

5/6/15 11:41am

You are right.

TonyStark

5/6/15 12:12pm

I think the biggest take away here is, we don't have all the details.

JamesDean

5/6/15 11:43am

I don't disagree with that.

TonyStark

5/6/15 12:09pm

I would add that it would depend on the difference in interest rate going from

db59840

5/6/15 1:28pm

<< Deleted >>

supertux

5/6/15 11:45am

That is 100% false

Biyamiti

5/7/15 6:07pm

<< Deleted >>

Buffalo

5/6/15 11:11am

No kidding. My first thought was I would never want to get a mortgage from a guy

Biyamiti

5/7/15 6:08pm

This is a little lengthly but her is my opinion

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