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Morgage Question

Started by gluck75
almost 19 years ago
Posts: 94
Member since: Jan 2007
Discussion about
Question: according to my math, the current payments on a 1 million dollar 30 year fixed is 6418. For the 5/1 ARM interest only, it's about 5428. So, about $100 different per month. Other than the risk of rates going up in the future, is anything list by taking the 5/1 io and paying an extra $1000 every month to reduce principal?
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