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Since January 2009
The MMA is only complicated because if they ever showed how simple it really is they couldn't charge $3,500 for it.
Don't get sucked into that scam!
Yea, scam scam scam...lol Pay that sukker off, its a sure way to save thousands on interest....I bet you can use the money you save on interest, and tax deductions, not a reason to have to pay interest....
Again, I must say that Nick is right. Pay it off, friend, don't overleverage yourself, and surely don't pay $3500 for some money merge scheme that only costs $100 if you go here. The MMA guys (not the fighters) will tell you it's "complicated algorithms"....well, true, so complicated that they don't even know the amortization methods.
I will teach you how to pay your house down for free...... $3500 for software is one thing - the relentless nature these guys pitch and pitch their product with is another.....
most of the people i know who sell this product used to sell the 1% pay option arm until that product bit the dust..... proceed with caution!!!
pub123, why do you think the bank would give you a discount if you pay early?
I don't think a lender is happy when you pay early. As a lender, you want to get the money paid on time over the agreed term, and earn the agreed interest. If you pay off now, the lender does not earn interest.
Even worse, the lender has to find another qualified borrower whom he can loan the money to.
You are NOT doing them a favor. Possibly you are doing yourself a favor.
Check if you could put (some of) that money in an investment that earns more interest than your mortgage costs.
-Peter
You may also want to call the bank that owns/services your loan to see if there is any penalty for paying it off early with a prepay or also maybe checing into if they will allow you to pay up to 20% of the P & I without triggering a fee so that you can pay down the principal and possibly pay off your other debts (if you have any) that currently have higher rates.
Your monthly mortgage payments are based on paying 1 month ahead on principal, and 1 month in arrears in interest. Thus, you will pay the remaining principal plus any accrued interest since the last payment on that oh-so-happy day you make the "payoff."
Before you do, however, I'd talk to a financial consultant. Have him or her work out some realistic scenarios to see how you can have your money work for you, work in tax deductions both with and without a mortgage, and see if you will or won't come out ahead with the investments and pay off the loan later - and how long it will take.
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pay off early
pub123
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