I recently refi' with Earnest and noticed they don't have a "principal only" payment option, because it says all payments get applied to accrued interest first and then the rest reduces the principal. Is that typical?
It seems like it would all come out in the wash anyway, because if I made an "extra payment" right before my monthly payment was due, some of my "extra payment" would be covering that month's interest, but then all of my monthly payment would basically go to principal. Is that right?
No "principal only" option with Earnest? Forum
Forum rules
Anonymous Posting
Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.
Failure to follow these rules will get you outed, warned, or banned.
Anonymous Posting
Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.
Failure to follow these rules will get you outed, warned, or banned.
-
TigerIsBack
- Posts: 276
- Joined: Thu Nov 07, 2019 12:34 pm
-
Anonymous User
- Posts: 432538
- Joined: Tue Aug 11, 2009 9:32 am
Re: No "principal only" option with Earnest?
That's my understanding, yes!
