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Is it worth paying extra for an interest only mortgage towards the principal? It expires February 2009?

I only am paying $50 extra and just started..

Public Comments

1. No its not going to make that much difference you need to get refinanced on a fixed rate loan . Then pay that extra $50 and it will make a difference.
2. Sorry mate, I work in finance & your question doesn't make any sense.
3. The way this question is worded is a bit confusing since interest only loans, by definition, do not pay towards the principal. Therefore, I will try to give an answer as I interpret your question. For this answer I assume the following: 1. That you already have a interest only mortgage home loan. 2. Your lender has offered to let you pay $50 more per month directly towards the principal. 3. Your lender will only all this until February 2009 If these assumptions are correct; then in my humble opinion it is not worth it. Paying $50 towards the principal would negligibly reduce the total amount you owe. You would be better off refinancing that mortgage as soon as possible. Click here to get a free refinance quote: http://com5.us/loans/free-refinance-quote