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Whamtastic
LIF Adult
Member since 1/07 997 total posts
Name:
Big Fat Baby with a Blackberry
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Interesting article about mortgage payments
Save $$ by paying bi-weekly
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Posted 7/24/07 6:14 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
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Re: Interesting article about mortgage payments
that's a great informational article! thanks!
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| Posted 7/24/07 8:46 PM |
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Superkat
More a stranger than a friend
Member since 5/06 9730 total posts
Name:
K
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Re: Interesting article about mortgage payments
We started doing this a few years ago and we built up enough equity in our home that we refinanced to a 15 year mortgage.
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| Posted 7/24/07 9:04 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Interesting article about mortgage payments
The other way to do it is to take whatever your payment is and divide it by 12 and send that amount every month--over the course of the year you make one extra payment. This is what we do so we end up only paying $200 more a month--especially if you aren't paid traditionally weekly or bi-weekly the same amount.
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| Posted 7/24/07 9:39 PM |
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MrsRivera
2 under 2...whew!!
Member since 2/07 9876 total posts
Name:
Beth
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Re: Interesting article about mortgage payments
DH and I thought about doing this, but our REA brought up a good point: Is it really worth it to pay off the mortgage a little earlier? Your mortgage is your best tax break.
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| Posted 7/26/07 11:13 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Interesting article about mortgage payments
we can only afford to send about an extra $75 per mortgage payment (which is towards the principal). Once we pay off our other bills (which should be all paid up in 12/07) we will start sending more.
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| Posted 7/26/07 11:21 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Interesting article about mortgage payments
Posted by MrsRivera
DH and I thought about doing this, but our REA brought up a good point: Is it really worth it to pay off the mortgage a little earlier? Your mortgage is your best tax break.
while that is true - your amortization doesnt change when you send in extra principal payments, so you are still making your normal payments you are paying the same amount of interest per month.
now you will pay off your mortgage early. but the savings over the life of the mortgage vs. the tax breaks - the interest savings is far more!
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| Posted 7/26/07 11:28 AM |
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meghanmetz
LIF Adolescent
Member since 5/05 525 total posts
Name:
Meghan
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Re: Interesting article about mortgage payments
Posted by Meaghan729
Posted by MrsRivera
DH and I thought about doing this, but our REA brought up a good point: Is it really worth it to pay off the mortgage a little earlier? Your mortgage is your best tax break.
while that is true - your amortization doesnt change when you send in extra principal payments, so you are still making your normal payments you are paying the same amount of interest per month.
now you will pay off your mortgage early. but the savings over the life of the mortgage vs. the tax breaks - the interest savings is far more!
Additionally, the later into your mortgage you get, the less interest you are paying, the smaller the tax deduction, etc.
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| Posted 7/26/07 1:50 PM |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: Interesting article about mortgage payments
Posted by csorisi
The other way to do it is to take whatever your payment is and divide it by 12 and send that amount every month--over the course of the year you make one extra payment. This is what we do so we end up only paying $200 more a month--especially if you aren't paid traditionally weekly or bi-weekly the same amount.
This is what we do.
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| Posted 7/26/07 1:59 PM |
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leighdvm
My golden boys!
Member since 3/06 4419 total posts
Name:
Michele
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Re: Interesting article about mortgage payments
Posted by Mssissy
Posted by csorisi
The other way to do it is to take whatever your payment is and divide it by 12 and send that amount every month--over the course of the year you make one extra payment. This is what we do so we end up only paying $200 more a month--especially if you aren't paid traditionally weekly or bi-weekly the same amount.
This is what we do.
We do this, also
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| Posted 7/26/07 2:59 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Interesting article about mortgage payments
Is anything above your regular payment applied to the principal only?
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| Posted 7/26/07 3:32 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Interesting article about mortgage payments
Posted by Kara
Is anything above your regular payment applied to the principal only?
Only if you indicate it as such. You have an option on your payment stub to divy up your money wherever you like.
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| Posted 7/26/07 3:55 PM |
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