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From: danz@hplsla.UUCP (danz)
Newsgroups: net.consumers
Subject: Re: Mortgage Payoffs....
Message-ID: <4600002@hplsla.UUCP>
Date: Mon, 25-Nov-85 18:15:00 EST
Article-I.D.: hplsla.4600002
Posted: Mon Nov 25 18:15:00 1985
Date-Received: Fri, 29-Nov-85 00:28:49 EST
References: <1038@gitpyr.UUCP>
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Nf-ID: #R:gitpyr:-103800:hplsla:4600002:000:746
Nf-From: hplsla!danz    Nov 25 16:15:00 1985




I should probably go off an punch on my calculator a while before I
shoot . . . but I never learn . . .

The ROUGH figures I have heard is that paying bi-weekly instead of
monthly will cut a 30 year loan to 18 years and save GOBS of money. 
(I can probably figure this out exactly if pressed).

Another possibility to consider is a 15 year  mortgage.   The  15  year
varieties  have one big advantage over the paying more payments on a 30
year loan -- the interest rate is lower.  In my case,  because  of  the
lower interest rate, our payment is only about 11% higher than that for
a 30 year loan, yet we will pay off the loan in 1/2 the time and a
fraction of the interest cost.

Dan.
@HP-Lake Stevens Instrument Division
hplsla!labdjz!danz