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Suzanne
May the Force Be With You!
Member since 5/05 2083 total posts
Name:
Suzanne
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Paying extra towards mortgage?
Does anyone pay extra every month towards the principal of their mortgage? If so, how much?
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Posted 4/18/06 12:21 PM  |
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Laura1976
Member since 5/05 5754 total posts
Name:
Laura
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Re: Paying extra towards mortgage?
we make an extra $200 towards the principal each month
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| Posted 4/18/06 12:29 PM |
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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: Paying extra towards mortgage?
we pay an extra $225 each month
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| Posted 4/18/06 12:29 PM |
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CunningOne
***
Member since 5/05 26975 total posts
Name:
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Re: Paying extra towards mortgage?
We round ours out, so it really only comes to about $150.
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| Posted 4/18/06 12:31 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Paying extra towards mortgage?
In the beginning we are going to make $100 a month then as we see what our monthly bills will be we will increase that amount. With $1000 in student loan payments every month we will have to see how it goes.
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| Posted 4/18/06 12:31 PM |
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Suzanne
May the Force Be With You!
Member since 5/05 2083 total posts
Name:
Suzanne
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Re: Paying extra towards mortgage?
Thanks. I was thinking of paying an extra $200-250 per month but I was not sure if that was enough to make it worth it. It seems like it is!
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| Posted 4/18/06 12:41 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Paying extra towards mortgage?
I wish!!!
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| Posted 4/18/06 12:43 PM |
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my3bugs
Mom of 2 Boys
Member since 5/05 4381 total posts
Name:
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Re: Paying extra towards mortgage?
We do but at the end of the year we do a lump sum.
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| Posted 4/18/06 12:47 PM |
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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
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Re: Paying extra towards mortgage?
We pay about $500 extra per month on our mortgage BUT we have a coop so our monthly mortgage is nothing compared to a home. Otherwise I would think that if we could swing it, $200 would be great to add on to the mortgage payment....hopefully we can do that when the time comes.
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| Posted 4/18/06 12:47 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: Paying extra towards mortgage?
We make two extra principal payments each year making our 30 yr loan mimic a 17 year loan.
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| Posted 4/18/06 1:30 PM |
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Suzanne
May the Force Be With You!
Member since 5/05 2083 total posts
Name:
Suzanne
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Re: Paying extra towards mortgage?
Posted by Blu-ize
We make two extra principal payments each year making our 30 yr loan mimic a 17 year loan.
How do you figure out the amount to pay when you do that? That is something along the lines of what I want to do!
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| Posted 4/18/06 1:32 PM |
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Re: Paying extra towards mortgage?
We have a home equity loan and a mortgaged (the HEL helped us with the DP) and it's about $200 a month. We have been putting $1,000 a month because we want to get rid of it ASAP.
I read somewhere that even one extra payment a year can help, and you can make it more managable by dividing your payment by 12 and then adding that amount each month. Then by the end you've paid an extra month.
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| Posted 4/18/06 1:35 PM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: Paying extra towards mortgage?
We pay enough extra each month so that our 30 year loan will be paid off in 15. We are late 30's and don't have kids yet. We want to avoid paying a mortgage, college tuition, and worry about retirement all at the same time. DH figured out the magic number.
We pay about $600 extra a month but we sold a house to buy this one (original purchase in 1998) so we had several times the house's original price in equity. We were very lucky.
We are able to put that much to it because we don't have a lot of extra expenses... brown bag lunches, dinners out, travel etc. We're not house poor but we've invested a lot re-doing this house.
Message edited 4/18/2006 1:36:50 PM.
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| Posted 4/18/06 1:35 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: Paying extra towards mortgage?
Posted by Suzanne
Posted by Blu-ize
We make two extra principal payments each year making our 30 yr loan mimic a 17 year loan.
How do you figure out the amount to pay when you do that? That is something along the lines of what I want to do!
I got the breakdown of what I pay for principal, taxes and interest each month and I pay just the principal. I indicate on the remittance that it's intended to pay the principal. The breakdown is on my statement I think. If not, you can call the mortgage company and get the figure.
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| Posted 4/18/06 1:46 PM |
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Re: Paying extra towards mortgage?
yup I just round it up to the next nearest hundred.
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| Posted 4/18/06 1:59 PM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Paying extra towards mortgage?
Posted by -DonnaMarie-
yup I just round it up to the next nearest hundred.
we do the same
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| Posted 4/18/06 2:11 PM |
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MrsRbk
<3 <3 <3 <3
Member since 1/06 19197 total posts
Name:
Michelle
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Re: Paying extra towards mortgage?
We pay an extra $1000 per month
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| Posted 4/18/06 2:12 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: Paying extra towards mortgage?
Posted by -Lisa-
Posted by -DonnaMarie-
yup I just round it up to the next nearest hundred.
we do the same
Make sure your mortgage bank/co knows that extra is for principal-otherwise they may just let it sit in escrow doing nothing!
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| Posted 4/18/06 2:20 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19457 total posts
Name:
L
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Re: Paying extra towards mortgage?
We put in an extra 1,000 every few months and have it applied to the principle.
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| Posted 4/18/06 2:36 PM |
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jaysee00
LIF Adult
Member since 3/06 1647 total posts
Name:
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Re: Paying extra towards mortgage?
I can only hope that we will be able to do this, but right now, I am thinking probably not! 
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| Posted 4/18/06 2:37 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: Paying extra towards mortgage?
Posted by jaysee00
I can only hope that we will be able to do this, but right now, I am thinking probably not!
I took a while-we couldn't do it right away ..
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| Posted 4/18/06 2:38 PM |
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LuckySV
LIF Adult
Member since 10/05 4675 total posts
Name:
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Re: Paying extra towards mortgage?
I'm very torn about doing this. Our interest rate is only 5% and our investments make more than 5%. But, if I did pay extra I'd have the peace of mind of paying it off earlier. Not sure what to do!
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| Posted 4/18/06 2:50 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: Paying extra towards mortgage?
Posted by npbride
I'm very torn about doing this. Our interest rate is only 5% and our investments make more than 5%. But, if I did pay extra I'd have the peace of mind of paying it off earlier. Not sure what to do!
It depends on how you think about your home as an investment. Is your rate of return on your home going to be more than 5% a year? It's hard to say. It's really about paying the least amount of interest on your loan over the long term.
ETA: if you go by historical numbers-your home will appreciate faster than your investments-but I am only generalizing-I don't know what your situation is.
Message edited 4/18/2006 2:53:33 PM.
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| Posted 4/18/06 2:52 PM |
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MissJones
I need a nap!
Member since 5/05 22134 total posts
Name:
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Re: Paying extra towards mortgage?
We just started, but granted, it is minimal. But we hope to put more when we start making more, too.
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| Posted 4/18/06 2:54 PM |
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Re: Paying extra towards mortgage?
Posted by Blu-ize
Posted by -Lisa-
Posted by -DonnaMarie-
yup I just round it up to the next nearest hundred.
we do the same
Make sure your mortgage bank/co knows that extra is for principal-otherwise they may just let it sit in escrow doing nothing!
I break it down on the payment stub, and they show us on each new bill to where the previous months payment was allocated.
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| Posted 4/18/06 4:00 PM |
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