A question about my 15 year fixed rate mortgage?
It’s a 15 year, but I plan to pay it off in 5 years.
There is no prepayment penalty, but it also say that “if you pay off your loan early, you WILL NOT be entitled to a refund of part of the finance charge”
The finance charge is the total interest to be paid during 15 years.
What benefit is there in paying off the mortgage early if the interest is still the same?