Quote:
Originally Posted by beemk
Your thinking is flawed unless she somehow found a bank that loans money with no interest rate. The $1,000 payment goes towards mostly interest. Even if it was 3% interest she would still only pay $60k against principal in 10 years. That's with a payment of $1054.
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Weekly mortgage payments instead of monthly, increasing principal payments slightly or doing a lump sum once a year will go a long way to getting rid of that high interest you pay.
I've already knocked 9 years off my 25 year mortgage just by paying a little extra. Saves me tens of thousands of dollars in interest.