She is correct.

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Feb 10, 2016
6:57:45pm

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

Bio page: Tokolosh
Joined: Jun 9, 2004
Last login: May 3, 2024
Total posts: 60,481 (5,643 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

2/10/16 8:39pm

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