Originally Posted by lil_1_2002
well rick isnt it the 1st few yrs of a morgate just interst? thats what i ment. and of course ur case is different, are you makin 2 payment a month?
either way i was being general about it.
yes and no. if you are doing an interest only loan then yes. if you are doing a 30 year loan then what you said fits. for most 15 year loans it's not true.
so i depends. we're only making 1 payment but pay about $100 more towards the principle. we try to do a lump sum payment at the end of every year. that's the only way you can pay it off faster.
we refinanced 1.5years ago which reset out 15year pay off clock. right now if we continue at our current pace, we will be done in 8.5years. I plan on paying it off much sooner.