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curiousgeorge
LIF Adolescent
Member since 10/10 867 total posts
Name:
MAMA
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Does anyone make extra payments on their mortgage?
We were looking into this. Is it true we can reduce our years if we make extra payments. We want to try and finish our mortgage in ten years. Any advice? Tia
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Posted 1/1/11 12:45 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
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Re: Does anyone make extra payments on their mortgage?
We make an extra payment each year and in the end if cuts a few years off the mortage. It goes right towards what you borrowed, rather than interest, if you make extra payments.
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| Posted 1/1/11 1:10 PM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: Does anyone make extra payments on their mortgage?
We figured out what an extra mortgage payment would be and divided it by 12 and just tack that onto each month's payment. It will allow us to pay off our mortgage in advance.
Make sure you set it up yourself, as many mortgage companies require you to pay a fee if they do it for you.
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| Posted 1/1/11 1:35 PM |
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debidonnamom
Kindness matters
Member since 12/10 1903 total posts
Name:
Mary (MOB)
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Re: Does anyone make extra payments on their mortgage?
YES!!!!! My DH is, trying to get it paid off, as we are approaching the end of it!!!!! Here's something else to throw into the mortgage mix; My DH is interested in a reverse mortgage, but cannot apply until I'm 62; He's 11 yrs older. I'm going to say, "No," because I don't think it's a good idea!!! If DH dies, then I would have no equity in the house to fall back on, and we do not have a lot of Life Insurance, nor can afford to buy anymore!! What would I live on? Mary
ps In this economy, the value of our house has gone down, so we wouldn't get a lot of $ through a reverse mortgage anyway.
Message edited 1/1/2011 1:48:21 PM.
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| Posted 1/1/11 1:46 PM |
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smooney
Hidey Ho!
Member since 2/10 1669 total posts
Name:
.
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Re: Does anyone make extra payments on their mortgage?
yes! we are working on this as well. each month i put extra money towards the principle depending on what we can afford- usually about $100. but it definitely adds up!
good luck
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| Posted 1/1/11 1:49 PM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: Does anyone make extra payments on their mortgage?
Yes, any money in the beginning of a mortgage extra would go towards the principal. If you lower your principal, the less interest you would accumulate/owe thus reducing your Life of the Loan.
Check with your bank as extra payments may not be applied directly the the principal. Some require that money to be sent do a different address. Same for on-line payments..
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| Posted 1/1/11 2:12 PM |
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maybemommy10
Big Brothers to Be !
Member since 2/10 3868 total posts
Name:
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Re: Does anyone make extra payments on their mortgage?
DH pays one extra payment every month, it is suppose to kick off 7 1/2 years and when we did the math regarding how much we saved in interest we 
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| Posted 1/1/11 2:19 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: Does anyone make extra payments on their mortgage?
Posted by maybemommy10
DH pays one extra payment every month, it is suppose to kick off 7 1/2 years and when we did the math regarding how much we saved in interest we
so he sends in double? That's awesome
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| Posted 1/1/11 3:45 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Does anyone make extra payments on their mortgage?
We're on track to finish in 10 years (we're 3 years in). Our mortgage receipts have a spot to write in extra payment, which is applied directly to principle. No advice really. We pay nearly double the mortgage payment each month, but we bought a house well under what we could afford in order to do this. Can't wait for 7 more years when we are done!!!!!!
Message edited 1/1/2011 3:53:02 PM.
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| Posted 1/1/11 3:50 PM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
Name:
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Re: Does anyone make extra payments on their mortgage?
We pay extra. Usually ~25% extra per month. We got a refinance notice in the mail and it told me how many payments are left.
We've been paying for 6 years and we took 3 years off the mortgage so far.
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| Posted 1/1/11 4:09 PM |
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Re: Does anyone make extra payments on their mortgage?
We pay a little extra every month and one extra payment a year..this year, we added even more on at the end of the year..right now we are scheduled to cut about 8 years off
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| Posted 1/1/11 5:39 PM |
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browneyedgirl
family is all that matters
Member since 6/06 6513 total posts
Name:
browneyes
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Re: Does anyone make extra payments on their mortgage?
Posted by sometimesmommy
Posted by maybemommy10
DH pays one extra payment every month, it is suppose to kick off 7 1/2 years and when we did the math regarding how much we saved in interest we
so he sends in double? That's awesome
I think she means one extra every year, not month. One extra shaves off seven years. That's what we do. We do biweekly payments.
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| Posted 1/1/11 5:45 PM |
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Pray4Baby2010
<3 Cutest Giants Fan
Member since 10/09 5796 total posts
Name:
MB
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Re: Does anyone make extra payments on their mortgage?
Posted by CAMCaps
We figured out what an extra mortgage payment would be and divided it by 12 and just tack that onto each month's payment. It will allow us to pay off our mortgage in advance.
Make sure you set it up yourself, as many mortgage companies require you to pay a fee if they do it for you.
we do it this way also... our accountant had told us that it would get our mortgage paid off exactly 7!!!! years earlier
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| Posted 1/1/11 6:02 PM |
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Bops
My 3 wishes
Member since 12/07 13625 total posts
Name:
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Re: Does anyone make extra payments on their mortgage?
Posted by smooney
yes! we are working on this as well. each month i put extra money towards the principle depending on what we can afford- usually about $100. but it definitely adds up!
good luck
This is what we do as well...
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| Posted 1/1/11 6:14 PM |
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MrsBurtch525
Year for change!
Member since 1/09 6017 total posts
Name:
Taryn
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Re: Does anyone make extra payments on their mortgage?
Posted by CAMCaps
We figured out what an extra mortgage payment would be and divided it by 12 and just tack that onto each month's payment. It will allow us to pay off our mortgage in advance.
Make sure you set it up yourself, as many mortgage companies require you to pay a fee if they do it for you.
That is what we do too, we figured out our mortgage and divided it throughout the year so we had an extra $70 per month and it works out to 1 extra payment a year
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| Posted 1/1/11 6:32 PM |
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Re: Does anyone make extra payments on their mortgage?
We do bi monthly payments which adds an extra month without us feeling it too much.
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| Posted 1/1/11 6:43 PM |
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Irishgrl1017
It happened :)
Member since 9/08 1872 total posts
Name:
Colleen
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Re: Does anyone make extra payments on their mortgage?
I do it when we can. We are doing some work on the house too, so whenever there is extra I do
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| Posted 1/1/11 7:36 PM |
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Dolphinsbaby
My 3 little guys!
Member since 12/10 2943 total posts
Name:
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Re: Does anyone make extra payments on their mortgage?
Posted by browneyedgirl
Posted by sometimesmommy
Posted by maybemommy10
DH pays one extra payment every month, it is suppose to kick off 7 1/2 years and when we did the math regarding how much we saved in interest we
so he sends in double? That's awesome
I think she means one extra every year, not month. One extra shaves off seven years. That's what we do. We do biweekly payments.
This is what we do. We have it set up so it comes out of our bank acct. every 2 wks and gets directly deposited to our mortgage co. So we don't have to mail in our payment. So much easier and you don't really feel the extra payment.
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| Posted 1/1/11 8:25 PM |
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IwantAfamily
LIF Infant
Member since 12/10 176 total posts
Name:
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Re: Does anyone make extra payments on their mortgage?
we do when we can
it does reduce your length
some mortgage's charge you a penality if you pay it off sooner though so you should check into it. I know mine doesn't and most newer ones don't
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| Posted 1/1/11 8:35 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Does anyone make extra payments on their mortgage?
My DH is paid bi weekly so the months where there is an extra paycheck (2 months) we use that to pay down the principal on the mortgage
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| Posted 1/1/11 10:26 PM |
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maybemommy10
Big Brothers to Be !
Member since 2/10 3868 total posts
Name:
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Re: Does anyone make extra payments on their mortgage?
Posted by Dolphinsbaby
Posted by browneyedgirl
Posted by sometimesmommy
Posted by maybemommy10
DH pays one extra payment every month, it is suppose to kick off 7 1/2 years and when we did the math regarding how much we saved in interest we
so he sends in double? That's awesome
I think she means one extra every year, not month. One extra shaves off seven years. That's what we do. We do biweekly payments.
This is what we do. We have it set up so it comes out of our bank acct. every 2 wks and gets directly deposited to our mortgage co. So we don't have to mail in our payment. So much easier and you don't really feel the extra payment.
Oooops I meant this...I wish we could afford to send double!
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| Posted 1/1/11 10:40 PM |
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iluvmynutty
Mom to E&M
Member since 12/08 1762 total posts
Name:
D
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Re: Does anyone make extra payments on their mortgage?
Posted by 2BirdsofaFeather
We do bi monthly payments which adds an extra month without us feeling it too much.
We also do bimonthly payments, automatically deducted from our bank act. It's an easy way to make the 1 extra payment a year and not feel the loss of $. It's nice to shave 7 years off the mortgage.
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| Posted 1/2/11 8:26 AM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: Does anyone make extra payments on their mortgage?
we wish we could, but unfortunately we can't.
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| Posted 1/2/11 8:50 AM |
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DanaRenee
Fitness Junkie!
Member since 6/06 6470 total posts
Name:
Dana
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Re: Does anyone make extra payments on their mortgage?
We pay an extra $300/month toward principal
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| Posted 1/2/11 8:56 AM |
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BRod-Cheng
I'm going to be a big brother!
Member since 6/07 1860 total posts
Name:
Betty
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Re: Does anyone make extra payments on their mortgage?
DH rounds up the payment each month to the nearest 100 dollars. In addition we make an extra full payment once a year when we get our tax refund.
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| Posted 1/2/11 9:05 AM |
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