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From: ark@alice.UucP (Andrew Koenig)
Newsgroups: net.invest
Subject: Re: The 3% rule
Message-ID: <4948@alice.uUCp>
Date: Fri, 7-Feb-86 09:20:17 EST
Article-I.D.: alice.4948
Posted: Fri Feb  7 09:20:17 1986
Date-Received: Sun, 9-Feb-86 06:32:38 EST
References: <1646@wanginst.UUCP>
Organization: Bell Labs, Murray Hill
Lines: 9

> One important fact to consider is that there will be a month in which you make
> NO payment, as there was when you first took out your mortgage.  That is
> effectively money in your pocket.

No it isn't, unless you want to think of it as "borrowed money in your pocket."
For instance, we just refinanced our house.  The old mortgage had
payments due on the first of each month.  The new one has payments
due on the fourth (the anniversary date of the loan).  Thus we will
make payments on Jan 1, Feb 1, March 4, April 4, and so on.