@maizeman - The book that I read this in Money - Master the game from Tony Robbins. It has a lot of good information but I am confused about this specific part. He said that you only prepay the principal from the next month, but it is a prepayment, not additional payment. Now that part confuses me. As an example - My first year's payments are $1,000 a month with $200 principal and $800 interest. If I don't do any prepayment then I will be paying $1,000 x 12 for a total of $12,00. If I make prepayments, then it would be:
Jan - $1,000 + $200 = $1,200
Feb - $1,200
March - $1,200 and so on for a total of $1,200 x 12 = $14,400
So I am paying $2,400 extra with the prepayment method. I would consider those extra payments.
Also, I think I am going to spend some time and make my own sheet so thank you for the encouragement.
Sonny.