She is correct.

Sign up, and you can make all message times appear in your timezone. Sign up

Report problem with this ad

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.

Report problem with this ad

Tokolosh

Bio page: Tokolosh
Joined: Jun 9, 2004
Last login: May 5, 2024
Total posts: 60,497 (5,646 FO)

Report problem with this ad

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

Report problem with this ad

Posting on CougarBoard

In order to post, you will need to either sign up or log in.

Report problem with this ad