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Re: Seems obvious to me - full payment when due > Posted by DougM [Email] (#211) [Profile/Gallery] (more from DougM) on Sun, 20 Aug 2006 07:23:08 In Reply to: Seems obvious to me - full payment when due >, ChipJ, Sun, 20 Aug 2006 06:23:27 Members do not see ads below this line. - Help Keep This Site Online - Signup |
I was able to drop the PMI($60/month) when I re-financed a few years back. Originally the loan was for 30 years, but after 4 years I re-financed. Went from 6.875% to 5.25%. The 26 years left on the original loan was financed to a 15 year loan, increasing the payment to only $40/month because they dropped the PMI. I've always paid the whole payment, plus extra each month on the principal. The lender sent me all kinds of info trying to get me to do the bi-monthly payment plans, at an extra cost of course. I figured since I paid extra on the principal each month all on my own, that I didn't feel their plan was any advantage to me.
Re-financing knocked 11 years off the original loan and saved me over $100k in interest payments, and since I pay extra each month, I figured that will take another 4-5 years off. The house would have been paid off in 2028, but with re-financing and extra payments on the principal, I figure I'll be mortgage free by 2014.
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