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Reply to "down payment on 2nd home"
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[quote=Anonymous]Well, no, you'd just be paying down principal, not changing your amortization schedule. If you subsequently pull the funds out as a HELOC, you've undone what you did before you see the benefit. I.e let's say you owe $1,000 and pay $100 a month, half interest and half principal. If you up your payment to $1100 a month it's still $500 in interest each month unless you get the bank to reamortize the loan (which they can do but may have a fee). If you didn't take the money back out you'd pay off the loan sooner - and thus pay less interest - but otherwise, pulled back out it's zero sum [/quote]
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