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Rycois
Blessed with 2blue/2pink
Member since 12/05 13341 total posts
Name:
J
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If you make an extra mortgage payment a yr...
Do you do the full payment (meaning including taxes) - like if your payment is $3K including tax / insurance do you do that, or say just the $2K which is simply just an extra mortgage payment?
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Posted 3/24/10 9:02 AM  |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: If you make an extra mortgage payment a yr...
You pay the mortgage only not the taxes or insurance. You are paying the bank money for the principal balance.
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| Posted 3/24/10 9:37 AM |
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dani731
Blessed!!!
Member since 1/08 3355 total posts
Name:
D
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Re: If you make an extra mortgage payment a yr...
The amount my parents pay as their extra payment is equal to the morgage payment, taxes and insurance. It all goes to the principal and it helps to pay it off even faster than just paying the mortgage portion by itslef.
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| Posted 3/24/10 9:44 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: If you make an extra mortgage payment a yr...
Posted by dani731
The amount my parents pay as their extra payment is equal to the morgage payment, taxes and insurance. It all goes to the principal and it helps to pay it off even faster than just paying the mortgage portion by itslef.
Yes, you can do this too because you'd be giving more money than what the actual mortgage payment is.
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| Posted 3/24/10 10:01 AM |
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SusiBee
. . . . .
Member since 3/09 8268 total posts
Name:
S
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Re: If you make an extra mortgage payment a yr...
Here's a good calulator to use :
Mortgage Calculator
I round up every month, and that actually equals one month's mortgage payment.
I save a bit more in interest this way, than if I just made the extra payment at the end of the year.
The calculator is a great tool.
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| Posted 3/24/10 10:58 AM |
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METLove2008
LIF Adolescent
Member since 5/08 541 total posts
Name:
Ellie
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Re: If you make an extra mortgage payment a yr...
I send a few hundred extra each month so that way it isn't like I am missing a chunk of $ all in one month. It still equals 1 extra mortgage payment each year, but its not one big check. I calculate it with taxes and insurance cause I figure it's just more money paid off.
Just make sure when you make the extra payment you mark it "principle only"... A guy I know was sending extra payments and not specifying what it was for (he assumed the mortgage company would know) so basically it was a complete waste of money cause when he called them, they said it went to interest and there's nothing he can do about it now.
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| Posted 3/24/10 12:53 PM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: If you make an extra mortgage payment a yr...
We also just send in a few hundred extra each month to pay down the principle a little faster.
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| Posted 3/24/10 5:05 PM |
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twinkletoes807
Mommy's Girls! ♥
Member since 11/07 10116 total posts
Name:
Gabi
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Re: If you make an extra mortgage payment a yr...
My mortgage is paid automatically from my checking account every other week so on the months that I get paid 3 times (like April) then an extra payment will be made toward the principle. This happens twice per year and equals one mortgage payment including taxes and insurance but solely goes to the principle. 
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| Posted 3/24/10 6:55 PM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: If you make an extra mortgage payment a yr...
We divided one mortgage payment by 12 and that is how much extra we pay per month. This does not include taxes or insurance.
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| Posted 3/24/10 7:18 PM |
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JRG71
*****************
Member since 5/05 5025 total posts
Name:
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Re: If you make an extra mortgage payment a yr...
I pay my mortgage bi weekly and pay a few hundred dollars extra towards the mortgage every month. It works out to almost 3 extra payments per year.
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| Posted 3/24/10 7:48 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: If you make an extra mortgage payment a yr...
i am either underpaid or grossly over taxed, i can't afford anything extra than i do.
i envy you all.
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| Posted 3/24/10 8:47 PM |
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ndblovah
Be happy always
Member since 1/07 1880 total posts
Name:
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Re: If you make an extra mortgage payment a yr...
Posted by rkoenke
i am either underpaid or grossly over taxed, i can't afford anything extra than i do.
i envy you all.
I'm w ya !
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| Posted 3/25/10 9:52 AM |
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mom2b
LIF Adult
Member since 5/09 1072 total posts
Name:
x
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Re: If you make an extra mortgage payment a yr...
Posted by kokopelia
Posted by rkoenke
i am either underpaid or grossly over taxed, i can't afford anything extra than i do.
i envy you all.
I'm w ya !
Me three!
Jennifer with 3 extra payments/year you'll be done with your mortgage in no time...good for you!
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| Posted 3/25/10 10:00 AM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: If you make an extra mortgage payment a yr...
We don't pay the amount for the taxes and insurance, just the mortgage portion.
It doesn't hurt to pay more though if you have it- it saves $$ in the end.
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| Posted 3/25/10 10:21 AM |
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Rycois
Blessed with 2blue/2pink
Member since 12/05 13341 total posts
Name:
J
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Re: If you make an extra mortgage payment a yr...
Posted by rkoenke
i am either underpaid or grossly over taxed, i can't afford anything extra than i do.
i envy you all.
We make it a point to set aside an extra payment from our tax return every year.
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| Posted 3/25/10 10:24 AM |
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