Originally Posted by red998
^^wow that is crazy for a dp.
i m working on 09s. lets see if magic can happen. I would double up on payments but....
gotta buy a place(yes i will finance that too, i don t have 300K to drop i know someone said how people live off of financing in america and how sad it is)
also getting married in the near future. this is my only chance to get it. very narrow window fellas, know what i mean?
hypothetically i can double up but i don t know how much that would change things. or do u mean the monthly payments go down? i know there is no penalty on paying it off early.
Your payments won't go down but what will happen is you'll be paying the principal off faster. With less principal to calculate the amount of interest the amount of interest shrinks as well. But because your payments stay the same you simply pay the lan off sooner and save a lot of money in interest.
Follow the link below and it'll show you in numericals terms what I'm saying. it'll make way more sense then. I didn't get it until I looked at it like that.