What is the advantage he has to pay extra on an interest only mortgage?
I took a 5 / 1 interest-free loans last year to $ 400,000 (I could not agree to a fixed rate loan at the time) and monthly payments of $ 2,000. Since then, our household income has increased considerably, and I’m on my payment increased to $ 2,500 per month in the hope that the thought of $ 500 more in principal direction. I do not want to think about refinancing again because we just bought less than a year ago, but I want my money for a good cause. Good or bad idea?