Friday, February 10, 2006
So six month after purchasing our house we have received our first Statement. It shows that in that time we have paid loads of cash but our mortgage has only shrunk by tiny little bit. To be specific, almost exactly 3 quarters of our money has been paying off interest and only one quarter has actually been paying off the loan. Obviously I accept that banks need to charge interest in return for loaning us all that dosh, but I certainly now see why folks say the best thing you can ever do is pay off your mortgage early. It's just free money.