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Amortization?

November 26th, 2006 at 11:53 am

Ok my brother went to this real estate seminar, which I think was a waste of money but that is my opinion. As you all know I am trying to save for a house so he was trying to explain “Amortization” here I guess you pay your interest in a separate check early to the bank and apparently they can not charge you for it the following month. My thing is this why not pays on the principal (extra each month) which reduces the total balance on the loan as well as the amount of interest paid. Am I wrong is he right, will amortization actually help you pay the loan off quicker than just paying extra on the principal?

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