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What is the flaw in making additional principal payments on a low mortgage rate?
What is the flaw in making additional principal payments on a low mortgage rate? I thought I had a genius idea, but my smarter friend said it isn’t. Can someone explain like I’m 5? I currently have a 30-year fixed rate mortgage @ 2.75%. My next payment is $1,477.20 in principal and $1,478.47. Since mortgages are amortized with bigger interest payments up front, I thought it would be smart to make additional principal payment...
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