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chimi
2423 days ago
You got it already! Imagine if most of that first payment went to the buyer's equity instead of interest.
2 comments
DuskStar
2423 days ago
Then the first payment would have to be much larger, because the amount going to interest is determined solely by the interest rate and principal.
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nradov
2423 days ago
You're always free to make additional equity payments. Modern mortgages don't have prepayment penalties.
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