Primerica SMART Loan vs. conventional loan?
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$438.79 - $382.90 = $55.89 is applied toward principal
Month 2 summary: $766.08 is interest payment and $111.50 is applied toward principal.
Eventually, the bi-weekly payment plan with simple interest will pay this 30 year loan off sooner by a few years than a traditional mortgage that uses schedule interest.
Three questions you should ask yourself when you considering to refinance;
1) What is your total cost?
2) When will you be out of debt?
3) What is your interest rate?
Hope that helps
Primerica SMART Loan vs. conventional loan?I just looked into one of these. For me it didn't work, they would only refi up to 5 acres, I have more than that, and they had steep early payment penalties for the 1st 3 years of the loan.
They figure interest on a 14 day billing period, making 13 payments a year. That is unique to them and it will pay your loan down quicker than a traditional loan with a 30 day billing period and paying a 13th payment every year. I did the math and it will work like they say.
I never got as far as seeing what their fees would be so I don't know if they are overcharging or not. They will also try to recruit you to work for them. Their company structure is basically an MLM.
In summary, depend on their fees and and if they pre-payment penalties are and issue will depend on whether or not it is a good deal. They way the loan is set up will work.
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