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Tuesday, January 4th, 2011
How can I pay my home off early if the bank takes interest first?
My wife and I just became debt free (yea!!!!). We are going to buy small cheap home after we save for a down payment. We live in Idaho and found some nice, newer homes for $80,000. We are going to save up 50% for a down payment.
I don’t know a lot about home loans but we planned on getting a loan for the other 50% and then pay off the house as fast as we can. But I found out that all loans will front load the interest like crazy so you basically aren’t paying much principle at all. Is that the way it is with all loans? Or is there a place where I can tell them, “Look I intend on paying this off in 4 years how can I do that without front loading the interest so I’m bascially paying no principle?”
Thanks for you help. Oh and my mind is made up about paying my house off as early as possible.
Pay a bit extra ever month be sure to note on your payment that x amount of money is for the principal. And all home loans are done like that.
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