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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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anyone making extra payments on their mortgage?
if so, how? one extra payment at the end of the year? 1/12 payment each month?
are you planning to use bonuses, tax refunds, gifts to make extra payments?
have you figured out how many years your shortening your mortgage?
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Posted 3/15/07 10:49 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: anyone making extra payments on their mortgage?
I took my monthly payment and multiplied it by 13 and then divided it by 12...that works out to be an extra payment a year.
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| Posted 3/15/07 10:50 AM |
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CunningOne
***
Member since 5/05 26975 total posts
Name:
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Re: anyone making extra payments on their mortgage?
Before the expense of kids  , we would send in $500 each payment and designate it towards principle. We don't now, but sending in 1/12 of your monthly payment each month is what we would be doing now if we could.
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| Posted 3/15/07 10:56 AM |
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MRSE
LIF Adult
Member since 5/05 1420 total posts
Name:
(112903)
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Re: anyone making extra payments on their mortgage?
So far we make an extra payment with our tax return money....monthly we round up on the payment for an even number. it is not a lot, but it is something
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| Posted 3/15/07 11:29 AM |
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lululu
LIF Adult
Member since 7/05 9509 total posts
Name:
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Re: anyone making extra payments on their mortgage?
We have an IO so whenever we have extra money we paid down principal.
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| Posted 3/15/07 11:38 AM |
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MrsRbk
<3 <3 <3 <3
Member since 1/06 19197 total posts
Name:
Michelle
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Re: anyone making extra payments on their mortgage?
Posted by lululu
We have an IO so whenever we have extra money we paid down principal.
We do that too, but DH has paid so much of the mortgage down (half the mortgage to be exact) that we put $1000 per month towards the principal. DH thinks we can pay off the mortgage in another 5 years.
Message edited 3/15/2007 11:39:53 AM.
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| Posted 3/15/07 11:39 AM |
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lululu
LIF Adult
Member since 7/05 9509 total posts
Name:
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Re: anyone making extra payments on their mortgage?
Posted by MrsRbk
Posted by lululu
We have an IO so whenever we have extra money we paid down principal.
We do that too, but DH has paid so much of the mortgage down (half the mortgage to be exact) that we put $1000 per month towards the principal. DH thinks we can pay off the mortgage in another 5 years.
We paid 1/3 of ours off and then we stopped so that we can get the mortgage interest deduction on our tax return. We have a 5 year ARM so our plan is to pay the rest of it off at the 5 year mark (another 4 years from now) or to re-fi so we can continue getting the Mortgage Interest deduction.... I would love to pay the whole thing off now but with our interest rate it really wouldnt make sense.
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| Posted 3/15/07 11:54 AM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: anyone making extra payments on their mortgage?
We pay extra towards the principle with every payment.
We figured out how much each payment would be on our 30 year in order to pay it off in 15 years and that's the payment we make.
We wanted to avoid paying college tuition and a mortgage at the same time. Good thing because now we will have two tuitions at the same time I better get my kids in a sport asap.
Any extra you can pay towards the principle is good. It will really pay off in the long run.
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| Posted 3/15/07 11:57 AM |
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curley999
Family!
Member since 5/05 2314 total posts
Name:
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Re: anyone making extra payments on their mortgage?
We pay 1/12 extra every month towards priniciple.
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| Posted 3/15/07 11:58 AM |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: anyone making extra payments on their mortgage?
I just took our payment, divided it by 12 and added that amount on each month
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| Posted 3/15/07 12:01 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: anyone making extra payments on their mortgage?
We make one extra principal payment each year. Usually it's in the summer. It's only the principal though, not interest.
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| Posted 3/15/07 12:45 PM |
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LulaBell
:)
Member since 1/06 3508 total posts
Name:
J
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Re: anyone making extra payments on their mortgage?
Posted by curley999
We pay 1/12 extra every month towards priniciple.
Same here.
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| Posted 3/15/07 1:43 PM |
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spooks
So in love!
Member since 6/06 4378 total posts
Name:
Sarah
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Re: anyone making extra payments on their mortgage?
Right now we treat it like a 20 year mortgage even though its a 30 year - we pay an atleast an extra $300 a month towards the principle. When you do it you have to be sure to designate it towards principle.
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| Posted 3/15/07 2:25 PM |
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