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Feb 10, 2016
6:57
:45
pm
Tokolosh
All-American
She is correct.
Over time early payments will reduce total interest paid. When you pay early the interest after that is calculated on a lower principal amount.
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Tokolosh
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Tokolosh
Joined
Jun 9, 2004
Last login
Apr 19, 2024
Total posts
60,361 (5,624 FO)
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Messages
Author
Time
Loan question. We accepted automatic withdrawal to lower interest rate. My wife
buckeyecougarguy
2/10/16 6:52pm
She is correct.
Tokolosh
2/10/16 6:57pm
However, if the rate is lower for doing their auto pay...
Tokolosh
2/10/16 6:59pm
Unless your repayment term is VERY short, any benefit will be pretty small
Non-mo Coug
2/10/16 7:00pm
It's a long term large student loan an a .25% reduction with auto payments
buckeyecougarguy
2/10/16 7:02pm
btw. a $100k , 10yr note at 5% paid 2 weeks early saves you around $300
boogers
2/10/16 7:50pm
Keep the loan on auto payment to get the interest rate deduction, and just add
blackandblue
2/10/16 8:39pm
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