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Hadn't Thought About It |
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Dear Edith: Thanks so much for answering my question about the bi-weekly mortgage payment plan. I hadn't thought about the fact that it was 26 payments, so we'd be making the extra payment each year. I thought it was all interest savings. Guess that's why you're writing the column and I'm asking the questions. I appreciate your time |
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Understand, I'm not saying it's a bad idea to make extra payments, either on your own or through a bi-weekly payment plan. Any time you pay down a debt, you do save on future interest costs. You just need to understand what you're going, and realize that there's no magic involved. |
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Edith
Originally published on January 8, 2005 |
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