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In response to
"If you’re on a fixed rate mortgage at 3.5%, I would not be paying down any extra principal right now. -- (edited)"
by
znufrii
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That's very helpful, thanks. As for what I mean, it probably doesn't matter much, but the amount of interest in every mortgage payment changes, right?
Posted by
mara
Dec 14 '22, 07:04
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So at the beginning of the loan, the mortgage payment is mostly interest. At the end, it's mostly principal.
So I'm at the point where the portion of my most recent payment that was interest was 3.5% of the remaining loan amount.
If that doesn't make much sense, it's probably either wrong or irrelevant. :-) But the advice in your main message was very welcome. (My interest rate is 3.375, so stopping the extra principal payments is definitely the thing to do.)
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