What makes HOA payoff so quickly?
The main performance driver is direct deposit of income into HOA; which drives down unpaid principal dramatically. Interest is calculated daily on unpaid balance. Depositing income directly into HOA drives down principle immediately, upon deposit. Even if you wind up spending most of that income during the month, your daily unpaid balance is less than in a comparable traditional loan, so you save interest; without changing your spending habits. And the more cash you flow through HOA, the faster you pay down your loan.
