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You got it already! Imagine if most of that first payment went to the buyer's equity instead of interest.
by chimi 7y ago
You got it already! Imagine if most of that first payment went to the buyer's equity instead of interest.
- DuskStar 7y agoThen the first payment would have to be much larger, because the amount going to interest is determined solely by the interest rate and principal.
- deleted 7y ago[deleted]
- nradov 7y agoYou're always free to make additional equity payments. Modern mortgages don't have prepayment penalties.