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Interest Only Loan Payments
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   Types of Loan Programs-> Interest-Only MortgagesMessage format
Posted 1/7/2006 1:55 PM (#677)
Subject: Interest Only Loan Payments
If you take an interest only option on a 30 year fixed rate loan BUT you still decide to make a what would have been a fully amortized payment, will your principal reduce at a faster rate than a traditional 30 year fixed?
Posted 1/21/2006 7:26 PM (#711 - in reply to #677)
Subject: RE: Interest Only Loan Payments
Nope. There are two ways to drop principle faster than scheduled
1. pay more than the P&I payment is each month
2. pay half your mortgage payment every two weeks. This allows for 13 payments a year. Cutting the time to nearly 20 years.
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