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What is the advantage of amortizing over a longer term?

April 26, 2017advantage Amortizing longer term

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What is the advantage of amortizing over a longer term?

2 Answers

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If you amortize over a longer term, then that’s your required payment in good and bad months. You can always budget to pay more, and since there are no prepayment penalties, you will pay off your loan sooner and save on interest charges.

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Posted

If you amortize over a longer term, then that’s your required payment in good and bad months. You can always budget to pay more, and since there are no prepayment penalties, you will pay off your loan sooner and save on interest charges.