| Posted By |
Message |
| Pages: 1 [2] |
Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
|
Re: Does anyone make extra payments on their mortgage?
i wish it does really cut down the years you pay off. If i could afford to save money on top of giving extra i would.
|
Posted 1/2/11 9:45 AM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
mdn13
LIF Toddler
Member since 8/07 408 total posts
Name:
Marcie
|
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.
You're actually better off just putting it in a separate account, earning interest on it and paying it off when the amount in the account matches your remaining principal. This way at least if you really need the $ it's there for you and if not at least you earned something off it.
|
| Posted 1/2/11 8:59 PM |
| |
|
|
|
Re: Does anyone make extra payments on their mortgage?
Yes. We make one full extra payment each year. Towards the principal.
|
| Posted 1/2/11 9:04 PM |
| |
|
Mugsy4
LIF Infant
Member since 10/10 280 total posts
Name:
Heather
|
Re: Does anyone make extra payments on their mortgage?
We pay 100-150 extra a month on our mortgage. It goes right to the principal... It lowers your payment after awhile.
|
| Posted 1/2/11 9:09 PM |
| |
|
|
|
Re: Does anyone make extra payments on their mortgage?
Pay the mortgage bi-weekly and make 1 extra mortgage payment to principal every year, if you can. You will decrease the years significantly.
|
| Posted 1/2/11 9:24 PM |
| |
|
MrsRbk
<3 <3 <3 <3
Member since 1/06 19197 total posts
Name:
Michelle
|
Re: Does anyone make extra payments on their mortgage?
Yes. We pay extra each month. Usually it's a double payment. Also each year DH takes a large portion of his bonus and makes a huge lump payment. We have been in our house a littls over 5 years and our mortgage will be paid off this spring.
|
| Posted 1/2/11 9:34 PM |
| |
|
whoababy11
it's only forever
Member since 11/10 1598 total posts
Name:
|
Re: Does anyone make extra payments on their mortgage?
yea. we pay one extra payment toward the principal once a year. it's hard but worth it in the years it will shave off.
|
| Posted 1/2/11 9:37 PM |
| |
|
SecretTTCer
LIF Adult
Member since 6/08 2284 total posts
Name:
|
Re: Does anyone make extra payments on their mortgage?
I have been paying extra toward the principal each month. I pay between $500-1000. I just stopped last month because we are moving so it doesn't make sense at this point. You can call up the mortgage company and they can tell you how many years you shave off the mortgage this way. We bought the house knowing that we wouldn't stay more than seven years but we still paid down the principal as a way to force savings.
Message edited 1/2/2011 9:43:02 PM.
|
| Posted 1/2/11 9:40 PM |
| |
|
| Pages: 1 [2] |
