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SusiBee
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Member since 3/09 8268 total posts
Name:
S
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Re: Mortgage payments
Posted by LiGirl1225
So if I wanted to make an additional payment a year (on top of bi weekly payments) I would just divide my mortgage payment (Principal and interest amount only, no taxes) and divide by 12 and add that to each payment? If my principal and interest is $2,000 a month, add $166 to my bi weekly payments and that will also add an extra payment, ontop of the additional bi weekly payment, for a total of 2 extra payments a year, right?
Since you make bi-weekly payments, divide your monthly payment by 24 and add that amount to each bi-weekly payment.
$2000 monthly payment, paid $1000 and $1000.
$2000/24 = 83.33
pay an additional 83.33 bi-weekly.
Just make sure that you apply the extra to PRINCIPLE only.
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Posted 7/2/13 1:36 PM  |
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KimberlyScott
Graceyn=My World <3
Member since 10/08 4173 total posts
Name:
Kimberly
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Mortgage payments
Automatic debit. Bi weekly.
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| Posted 7/2/13 2:17 PM |
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CunningOne
***
Member since 5/05 26975 total posts
Name:
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Re: Mortgage payments
We started with a 30 year mortgage when we closed (8.25%!!), and then the interest rates dropped, we re-fied a few years later with a 20 year at 5.25% and we are now with less than 10 years left on the loan. We will probably we paid off in 1/2 that remaining time. We just round out our monthly payment each month, and that's about $157 more toward the principle each month, 12 times a year.
And while it's great we see an end in sight, it won't be out last mortgage because we aren't staying in this house forever! 
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| Posted 7/2/13 7:47 PM |
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Diane
Hope is Contagious....catch it
Member since 5/05 30683 total posts
Name:
D
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Re: Mortgage payments
I pay it the old fashion way...by mail. I pay a little more each month, like 150-200$ towards principle.
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| Posted 7/3/13 12:32 PM |
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lucky1007
My Princess is Here!
Member since 11/11 1131 total posts
Name:
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Re: Mortgage payments
Posted by iluvmynutty
Posted by Mill188
We pay biweekly. It automatically gives you an extra payment a year. 26 half-payments = 13 full payments. The extra payment is automatically applied to principal
We do the same thing. Biweekly payments automatically deducted from our bank account. It's the easiest way for us to pay the mortgage make an extra payment each year and not really "feel" it.
this
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| Posted 7/3/13 1:52 PM |
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| Pages: 1 [2] |
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