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meganNbobby
Our Family is Complete
Member since 5/05 2774 total posts
Name:
Megan
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biweekly mortgage payments?????
anyone do it?
is it a big pain the *** to pay every 2 weeks?
i can't believe how much $$$$ it saves over the course of the loan...
if i do the biweekly payments...
i can pay off in 23 years
and save $172,000
who the hell wouldn't do that!!!
just nervous how different the biweekly payments affects the budget
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Posted 9/30/07 11:40 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: biweekly mortgage payments?????
if you get paid every 2 weeks- then there are 2 months you get an extra check- they should be the same weeks the extra payment is do
or when you get thpse extra checks- you can just make an extra payment on your own!
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| Posted 9/30/07 11:55 PM |
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nicrae
He's here!
Member since 12/06 9289 total posts
Name:
Mommy
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Re: biweekly mortgage payments?????
We do it. It works out that it comes out the same day as DH gets paid. It is so worth it to pay off your mortgage early.
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| Posted 10/1/07 5:43 AM |
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ali120206
2 Boys
Member since 7/06 17795 total posts
Name:
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Re: biweekly mortgage payments?????
We received a letter about it so I looked into it.
It was handled by another company so they charged additional fees on top of the regular mortgage payment so we decided against it.
Instead of doing the bi-weekly, we're just going to make one extra payment each year.
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| Posted 10/1/07 8:14 AM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: biweekly mortgage payments?????
Also check with your mortgage company if you can just pay a little extra on each payment, too. We used to round up to the nearest $1,000. Makes the math easier on the checkbook, and it also cuts off several months on the mortgage. 
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| Posted 10/1/07 8:31 AM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: biweekly mortgage payments?????
You can also just pay one extra payment a year and that will do the same thing as bi-weekly mortgage payments.
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| Posted 10/1/07 8:38 AM |
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mama2charles
LIF Adolescent
Member since 8/07 790 total posts
Name:
Tina
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Re: biweekly mortgage payments?????
Posted by ali120206
We received a letter about it so I looked into it.
It was handled by another company so they charged additional fees on top of the regular mortgage payment so we decided against it.
Instead of doing the bi-weekly, we're just going to make one extra payment each year.
.
This is the reason we didn't participate in the bi-weekly mortgage b/c of the extra fee. I am not sure how your bank works I pay our mortgage online. There is a calculator that you can use and it will tell you how many years you will cut off if you pay an extra payment or more money a month. It is actually pretty cool.
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| Posted 10/1/07 8:39 AM |
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LisaI
Momma's Little Beans
Member since 1/06 3923 total posts
Name:
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Re: biweekly mortgage payments?????
we just make extra payments instead of knowing we have to bpay biweekly. it's a great thing when you save, save, save!
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| Posted 10/1/07 9:13 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: biweekly mortgage payments?????
Posted by VickiC
You can also just pay one extra payment a year and that will do the same thing as bi-weekly mortgage payments.
This is what we do. Multiplied the monthly payment by 13 then divided by 12...so it's the extra payment over the course of the year - not in one lump sum.
Message edited 10/1/2007 9:25:24 AM.
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| Posted 10/1/07 9:24 AM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: biweekly mortgage payments?????
I just make an extra payment over the course of a year and it does the same thing. It is just easy and my money stays in my account and earns interest instead of going to the bank.
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| Posted 10/1/07 1:20 PM |
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ILJ619
LIF Adult
Member since 6/06 1985 total posts
Name:
Irene
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Re: biweekly mortgage payments?????
I just make the extra payment as well. I also round up every month.
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| Posted 10/1/07 1:55 PM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: biweekly mortgage payments?????
Posted by csorisi
I just make an extra payment over the course of a year and it does the same thing. It is just easy and my money stays in my account and earns interest instead of going to the bank.
But, your account is probably making less than your mortgage rate....
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| Posted 10/1/07 2:52 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: biweekly mortgage payments?????
Just set up your bill pay on your bank's website to pay every 2 weeks and then you won't have to pay the fees to set it up.
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| Posted 10/1/07 9:33 PM |
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mikeswife06
Drama Momma
Member since 9/06 9947 total posts
Name:
Anne
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Re: biweekly mortgage payments?????
Posted by csorisi
I just make an extra payment over the course of a year and it does the same thing. It is just easy and my money stays in my account and earns interest instead of going to the bank.
Exactly. My bank told me in order to change it to bi-weekly we'd have to refinance so no way!
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| Posted 10/2/07 8:48 AM |
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Shellyfj
LIF Adolescent
Member since 8/07 744 total posts
Name:
Shelly
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Re: biweekly mortgage payments?????
Posted by charon54
Just set up your bill pay on your bank's website to pay every 2 weeks and then you won't have to pay the fees to set it up.
We did this, but found out that the mortgage company would just hold that extra payment until it's due.
I think you have to go through the mortgage company to set up biweekly payments.
We just pay extra each month.
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| Posted 10/2/07 10:55 AM |
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