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Mortgage Question
I've read/heard that paying 1 extra payment a year to your mortgage principal shaves off approx 6/7 years off your loan. Does anyone know this to be true and what does paying 2 extra payments take off? TIA
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Posted 2/4/15 1:18 PM  |
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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Mortgage Question
We pay a little extra each month, and have already (in 3 years) shaved off 2 years.
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| Posted 2/4/15 2:09 PM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
Name:
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Re: Mortgage Question
Edited - my math was wrong!
Message edited 2/4/2015 4:30:55 PM.
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| Posted 2/4/15 3:48 PM |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
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Re: Mortgage Question
one extra payment
Yes - it will take approximately 6-7 years off the life of the loan.
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| Posted 2/4/15 4:16 PM |
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SusiBee
. . . . .
Member since 3/09 8268 total posts
Name:
S
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Re: Mortgage Question
Use the mortgage calculator on Bankrate.com to figure out your savings by applying the payment extra ways.
I round up my monthly payment.
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| Posted 2/4/15 5:07 PM |
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queensgal
Smile
Member since 4/09 3287 total posts
Name:
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Re: Mortgage Question
Google a calculator online. It depends where you are in the lifespan of the mortgage and your interest rate. The more you pay earlier, the more bang for your buck. The higher your interest rate, the more benefit.
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| Posted 2/4/15 5:37 PM |
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TheLucille2
Yayicanpickmyowntitle!
Member since 6/11 1058 total posts
Name:
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Re: Mortgage Question
We do this. Actually, it probably turns out to be two extra payments a year.
We throw a couple of hundred dollars a month extra towards the principle so we are not making one (or two) large payments. We don't even miss it.
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| Posted 2/5/15 7:49 AM |
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Re: Mortgage Question
Posted by TheLucille2
We do this. Actually, it probably turns out to be two extra payments a year.
We throw a couple of hundred dollars a month extra towards the principle so we are not making one (or two) large payments. We don't even miss it.
Thanks, I think is what we are now going to try to do too!
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| Posted 2/5/15 8:56 AM |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
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Re: Mortgage Question
I get paid every other week and have half my mortgage payment taken out automatically each pay period. I get paid 26 times a year - works out to 13 mortgage payments every 12 months.
I also round up each payment.
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| Posted 2/5/15 9:25 AM |
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RFetch1989
LIF Zygote
Member since 2/15 48 total posts
Name:
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Mortgage Question
We basically just round up our mortgage payment each month. It only amounts to an additional $40 a month but I figure for now it's better than nothing until we can figure out a way to put in even more. We also plan to put a portion of our tax refund each year toward the principle.
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| Posted 2/11/15 2:27 PM |
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