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If i want to pay off my home faster will it help me pay less interest on the loan if i make extra payments cumulative less interest or will it be nearly the same interest rate?
Wiki User
∙ 14y ago
If you pay your home off faster than the note, you will pay less interest. The interest will accumulate at the same rate (your rate was set when you signed your note), but you will pay less money towards interest in the end. If you pay your house off in 15 years rather than 30, you will save 15 years worth of interest.
Wiki User
∙ 14y ago
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