Payment to Principal at START of mortgage loan…?
I was told that making a payment to principal PRIOR to your first scheduled payment can save thousands in interest over the life of the loan and will obviously get it paid off much quicker. Something to do with being ‘ahead’ all the time on the payments. Can someone explain this more clearly and how it works. Moreover, how can I see this myself on my normal amortization schedule (I’m a visual learner)? Thanks!