Posted by Tom (GA) on October 19, 2003 at 15:46:56:
Great work, detective. I know I don’t have to pay for this service. I was just showing how this particular lender was running their game using the numbers as presented for my circumstances, with them being a large bank.
They try to make it seem as if all you have to pay is the $49 enrollment fee, when you actually pay thousands of dollars.
Back to your statement: How does paying half early and the other half when due cut down interest by 25%? I thought it took an additional payment per year applied directly to principal to do this. What am I missing. Does this accelerate your equity as well?