Re: NPNC - reply

From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: NPNC - reply
Date: Fri, 23 Oct 1998 08:44:16 -0400

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>In my specific example, if I convert my 15 year 7.5% loan to a 15 year 6.5%
>loan, I'll save $400/month.  I'll also extend my monthly payments for an
>additional 4 years (I'm already 4 years into my existing mortgage, with 11
>to go), which I don't want to do.  What I'd really like is an 11 year mortgage
>at 6.5% (saving me ~$88/month).

Why not just take the 15 year 6.5% mortgage and pay it off in 11
years?  No says that you have to take 15 years to pay off a 15 year
loan.  Use a spreadsheet or a mortgage calculator to generate an 11
year amortization schedule and pay it off according to that.

Rich Carreiro
rlcarr@animato.pn.com
P5-100/RedHat Linux 4.1

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