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Extra On An Adjustable
  Dear Edith: If I make extra payments to reduce principal on my adjustable rate mortgage, it still lasts just as long. So where is the savings?
 
 

Because you will owe less than originally scheduled, next time your payment is adjusted it will be lower than it would have been otherwise. You’ll be paying less interest you would have otherwise. Just take my word for it.

 

 
    Edith
Originally published on November 6, 2006
 
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