Quote:
Originally Posted by Rick Lee
If you add one extra P&I payment per years (divide it by 12 and add that much in extra princ. each month), you knock seven years or 84 payments off the end of a 30 yr. loan. No need to have the larger min. monthly payment obligation on your credit report with a 15 or 20 yr. loan.
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That's what we were doing with our last place. We just rounded up to the next k which worked out to 13 payments. We also paid bi monthly, 1 months payment split in 2 2x's a month which also shaved time off.