03-22-2011, 08:40 PM
>>It can't be done. Felix isn't correct. Mortgages don't work that way. Actually, there is a tiny benefit to making extra payments in that the proportion of interest to principal goes down a tiny bit for every extra payment. Hardly enough to make a difference though and you also lose a little bit of a tax deduction with that reduced interest.
Then how do you pay it off early without paying the full 30 years of interest?
Then how do you pay it off early without paying the full 30 years of interest?