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MikeWPhilly t1_iyeyt9m wrote

Extra payment aways have a big benefit. Take any 30 year mortgage calculator. If you add just 1 full payment a year (the full cost + escrow payment) you tend to end up with a mortgage that is about 8 years shorter. It’s not necessarily new. What is big though is the total interest financed over the life. Massive difference because of how high that has gotten.

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listur65 t1_iyf3x3t wrote

You are not wrong. Just want to point out that it varies on the interest of the loan. An extra payment per year on a 30-year loan at 9% gives you 8 years off, but an extra payment on a 4% loan gives you 4 years off.

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