That is 100% false

May 7, 2015
6:07:52pm

Biyamiti

That is 100% false

Paying extra principal absolutely decreases the amount of interest you pay. And it can be significant depending on how long is left on your mortgage, how much extra you pay, and what your interest rate is.

This message has been modified

Originally posted on May 7, 2015 at 6:07:52pm

Message modified by Biyamiti on May 7, 2015 at 6:09:00pm

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Biyamiti

Previous username: skywalker251
Bio page: Biyamiti
Joined: Mar 1, 2006
Last login: Apr 27, 2024
Total posts: 7,152 (49 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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