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Extra Mortgage Payment

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LiGirl1225
LIF Infant

Member since 6/13

69 total posts

Name:

Extra Mortgage Payment

If you have made an extra mortgage payment, or if you know about this, what does the payment include? taxes as well? If my mortgage principal alone is $1350 and my insurance and taxes in addition make my mortgage $2200, do I send in an 'extra' payment for the $1350 or the $2200? I always hear of people making extra payments but not sure which payment they refer to. I know to write 'apply to principal' on the memo also....

Posted 9/19/13 2:20 PM
 
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Rosie4
LIF Adolescent

Member since 2/12

643 total posts

Name:

Re: Extra Mortgage Payment

You could mail any amount you want extra toward just principal. You just have to make sure it is stated that the full extra payment goes toward principal. We have been doing this. It can be any amount you would like.

Posted 9/19/13 2:33 PM
 

MikesBride
LIF Adult

Member since 12/09

1245 total posts

Name:
Ilana

Extra Mortgage Payment

Anything you pay over the required amount can be applied directly to the principal, but you must pay the required amount first. You can pay any extra amount you want, even if it's only $25.

Posted 9/20/13 1:41 PM
 

Mtk1605
LIF Toddler

Member since 12/11

460 total posts

Name:

Extra Mortgage Payment

when "they" say if you make an extra mortgage payment once a year it will knock years off your mortgage "they"are talking about (in your case) the $1350...obviously if you pay more towards principal the better. We are trying to do this too

Posted 9/20/13 2:15 PM
 

jessnbrian
Only God knows His plan for us

Member since 4/13

7238 total posts

Name:
Jessica

Extra Mortgage Payment

Every month DH and I put anywhere from $100-$200 extra towards our principle. In under 2 years of owning the house we've already taken 1 year off the amortization schedule through this process. In the next few months we're likely going to be increasing that amount.

Posted 9/20/13 2:59 PM
 

ave1024
I Took The Wrong Road

Member since 12/07

5966 total posts

Name:
That Led To The Wrong Tendencies

Extra Mortgage Payment

When I was on a 30 year I ended up putting in an extra $200 a pay period which equaled about a year and a half of extra payments. Now that I'm refinanced on a 15yr loan with 13 years left it's not a huge deal to pay extra.

I just set my bank's bill pay to add $200 extra to whatever I normally pay them, and in the memo field of the payment I mark "extra payment apply to principal". The receiving banks typically know how to handle this, but definitely check your first statement to make sure they aren't adding that money elsewhere.

Posted 9/20/13 3:03 PM
 

jessnbrian
Only God knows His plan for us

Member since 4/13

7238 total posts

Name:
Jessica

Re: Extra Mortgage Payment

Posted by ave1024

When I was on a 30 year I ended up putting in an extra $200 a pay period which equaled about a year and a half of extra payments. Now that I'm refinanced on a 15yr loan with 13 years left it's not a huge deal to pay extra.

I just set my bank's bill pay to add $200 extra to whatever I normally pay them, and in the memo field of the payment I mark "extra payment apply to principal". The receiving banks typically know how to handle this, but definitely check your first statement to make sure they aren't adding that money elsewhere.



Some receiving banks/mortgage firms actually require the statement to be appropriately marked instead of just sending in the check - if you pay online (like I do every month, just easier) the bill pay application from my mortgage holder has a space for added principle or added escrow - you have to be very specific.

Posted 9/20/13 6:48 PM
 

TheDivaBrideandTeddyFrog
Leah's here!

Member since 9/07

5404 total posts

Name:
Sabrina

Re: Extra Mortgage Payment

Posted by Mtk1605

when "they" say if you make an extra mortgage payment once a year it will knock years off your mortgage "they"are talking about (in your case) the $1350...obviously if you pay more towards principal the better. We are trying to do this too



This and we also pay some extra monthly so we probably average more than one extra payment a year

Posted 9/22/13 8:51 AM
 
 

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