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How does the Early Mortgage Pay-Off Plan work to effectively reduce my mortgage interest rate?

April 26, 2017early Interest rate mortgage pay-off Plan reduce

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How does the Early Mortgage Pay-Off Plan work to effectively reduce my mortgage interest rate?

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Because you will pay your loan off more quickly, you will pay less interest over the life of the loan. By reducing the total amount of mortgage interest you have to pay, you accomplish the same result as if you reduced your interest rate itself. Your effectively reduced interest rate shows how much you would have to lower your mortgage interest rate in order to achieve the same interest savings as EMPP.