Trying to get an answer from the bank, but wanted to post here as well for some insight. I have a 5/1 ARM that's about 15 years in. This past month the yearly interest rate hit its max (*sobs*). I've been making monthly principal-only payments to reduce the remaining # of payments as well as slowly chip away at the P/I ratio. This past month as my rate hit the max for the next year, my total payment went up ~$20. However, the interest portion of the payment went up $80. WTF? Did the bank reamortize my loan or what's going on? And if so, what's the point of early prepayment then if they're just going to constantly rip you on the interest no matter what. TIA
Statistics: Posted by InqGain — Thu May 02, 2024 8:06 am — Replies 0 — Views 45