Thread: Money Investing megathread extravaganza
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Old 02-18-2021, 02:58 PM   #7391
Hog's Gone Fishin Hog's Gone Fishin is offline
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Quote:
Originally Posted by TinyEvel View Post
So what you are saying is, even if you make extra principle payments over the years, it doesn't move up the end date of your loan, it just adjusts the remaining balance of principle/interest over the existing 30 years of payments.

Loans are all designed to screw the borrower. The same way that its all heavy interest to Principle ratio that declines slowly. even if you pay it off entirely in one chunk sum at the midpoint, the bank gets like 70 percent of the principle total established at the onset.
YES,YES! I guess if you have a 30 year fixed you will benefit but if you have the ARM and quit making additional principal after it adjusts you've just wasted time and money.

I always thought with an ARM the only thing that adjusts is the interest rate. Not so.
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