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Struggling to make mortgage payments

Forum Opinion Poll
Yes I'm struggling also 12 15.79%
No, You're on your own with this one 35 46.05%
Just enough to pay mortgage and bills 29 38.16%
 

Spinoff: Extra mortgage payment with poll

Posted By Message

mom2b
LIF Adult

Member since 5/09

1072 total posts

Name:
x

Spinoff: Extra mortgage payment with poll

I would love to make extra payments...

But is it just me or am I the only one struggling to pay my mortgage every month? Right now I can't pay anything extra.

Added poll incase anyone wants to keep it private.

Posted 3/24/10 5:59 PM
 

twinkletoes807
Mommy's Girls! ♥

Member since 11/07

10116 total posts

Name:
Gabi

Re: Spinoff: Extra mortgage payment with poll

We struggle too but I am making the extra payment anyway. The mortgage comes out of my bank account automatically every two weeks so twice a year I end up making one extra mortgage payment.

Posted 3/24/10 6:46 PM
 

Nifheim
allo

Member since 1/09

5476 total posts

Name:
Jennifer

Re: Spinoff: Extra mortgage payment with poll

we will attempt at all costs to have that extra payment per year, we will just have to sacrifice and wait longer for a renovation. I am lucky though putting off having children because we have to redo most of the house and if we have a child that would be impossible to do.

Posted 3/24/10 7:07 PM
 

MeNSte
LIF Infant

Member since 2/10

146 total posts

Name:
Melissa

Re: Spinoff: Extra mortgage payment with poll

its hard to do an extra payment. what we have been doing is pay a little extra every month. (still doesnt work out to be a full payment though) but every bit helps

Posted 3/24/10 7:16 PM
 

mcl916
my two loves

Member since 10/06

5133 total posts

Name:
Megan

Re: Spinoff: Extra mortgage payment with poll

We pay a little extra each month that probably is an extra payment a year. I hope to keep increasing the amount we pay each month so we can pay the mortgage off early.

Posted 3/24/10 8:50 PM
 

OStewarts
LIF Adult

Member since 11/07

1096 total posts

Name:

Re: Spinoff: Extra mortgage payment with poll

we add a few hundred extra every month to equal an extra payment by the end of the year. it sucks, but its worth it.

Posted 3/24/10 8:52 PM
 

ndblovah
Be happy always

Member since 1/07

1880 total posts

Name:

Re: Spinoff: Extra mortgage payment with poll

Right now we are not struggling to make the payment but it would be hard to give up some of the money that is left over. It's a very scary economy and I'd rather try to save the money IF we have some left. One never knows what will happen will their job. And with me in sales, and my husband an electrician, it's better for us to have a larger nest egg. Right now that's how it is.... How much does making one mortgage payment a year take off your time to pay ?

Posted 3/25/10 9:46 AM
 

mom2b
LIF Adult

Member since 5/09

1072 total posts

Name:
x

Re: Spinoff: Extra mortgage payment with poll

Posted by kokopelia

Right now we are not struggling to make the payment but it would be hard to give up some of the money that is left over. It's a very scary economy and I'd rather try to save the money IF we have some left. One never knows what will happen will their job. And with me in sales, and my husband an electrician, it's better for us to have a larger nest egg. Right now that's how it is.... How much does making one mortgage payment a year take off your time to pay ?



This is kind of how I feel. What ever little amount of $$ we have left, we have to replenish our savings. We went thru our entire saving which was 3 months of mortgage and bills when I was put on bedrest prior to having my DD. It was def unexpected but thank goodness we had atleast that much saved. But I am going to take the advice and even if its just a few dollars extra towards the mortgage I'll do it.

Posted 3/25/10 9:56 AM
 

evenedan
Need a little sunshine

Member since 9/05

3843 total posts

Name:
D

Re: Spinoff: Extra mortgage payment with poll

We are not struggling to pay the mortgage, but we purposely bought on the low-end of our budget because we were paranoid about having mortgage payments. Now that we're in the house and paying quite a bit extra each month on the mortgage, I sometimes wonder if we should have spent a bit more (there is a house in particular I can't get out of my head), but it's nice not being "a slave to the mortgage." And we do love our house (just not our neighbor).

Posted 3/25/10 10:51 AM
 

Cheeks24
Living a dream

Member since 1/08

8589 total posts

Name:
Cheeks

Re: Spinoff: Extra mortgage payment with poll

Posted by kokopelia

Right now we are not struggling to make the payment but it would be hard to give up some of the money that is left over. It's a very scary economy and I'd rather try to save the money IF we have some left. One never knows what will happen will their job. And with me in sales, and my husband an electrician, it's better for us to have a larger nest egg. Right now that's how it is.... How much does making one mortgage payment a year take off your time to pay ?



It actually cuts your mortgage from 30 years to just over 19 years. Even the littlest amount of money each month helps. Ours comes out to under $200 extra per month and it's a sacrifice we can afford to make right now.

Posted 3/25/10 11:08 AM
 

bird382
.

Member since 7/07

1712 total posts

Name:

Re: Spinoff: Extra mortgage payment with poll

Posted by evenedan

We are not struggling to pay the mortgage, but we purposely bought on the low-end of our budget because we were paranoid about having mortgage payments. Now that we're in the house and paying quite a bit extra each month on the mortgage, I sometimes wonder if we should have spent a bit more ...



We're in the same boat. We bought well below our budget. I love our house, and the neighborhood rocks, but I'm worried that I'm going to develop a mean case of the what-ifs one of these days. But I guess it's worth it not to struggle every month.

Posted 3/25/10 11:15 AM
 

CAMCaps
Live Laugh Love Run

Member since 6/07

4922 total posts

Name:

Re: Spinoff: Extra mortgage payment with poll

Posted by evenedan

We are not struggling to pay the mortgage, but we purposely bought on the low-end of our budget because we were paranoid about having mortgage payments. Now that we're in the house and paying quite a bit extra each month on the mortgage...



Same here. We were approved for over 150k more than the house we bought. Plus one additional mortgage payment only adds up to about $100 a month (we do not include taxes or insurance in our calculations)

Posted 3/25/10 11:27 AM
 

ndblovah
Be happy always

Member since 1/07

1880 total posts

Name:

Re: Spinoff: Extra mortgage payment with poll

Posted by Mici C

Posted by kokopelia

Right now we are not struggling to make the payment but it would be hard to give up some of the money that is left over. It's a very scary economy and I'd rather try to save the money IF we have some left. One never knows what will happen will their job. And with me in sales, and my husband an electrician, it's better for us to have a larger nest egg. Right now that's how it is.... How much does making one mortgage payment a year take off your time to pay ?



It actually cuts your mortgage from 30 years to just over 19 years. Even the littlest amount of money each month helps. Ours comes out to under $200 extra per month and it's a sacrifice we can afford to make right now.


Really???? I keep seeing different answers some say 7, you say 11... I am not sure which to go on... Do you know where I might find out the info? My broker at Wells told me if I did the biweekly payment (makes 3extra pmts a year) that would be shaving 15 years off... (I think Chat Icon )

Posted 3/25/10 11:32 AM
 

ILJ619
LIF Adult

Member since 6/06

1985 total posts

Name:
Irene

Re: Spinoff: Extra mortgage payment with poll

I make extra payments. If you are struggling with your finances though you should put the extra payments on the back burner for now. Pay off any cc bills or consumer debt, build up your emergency fund, then once that is covered take a little bit, whatever you can, and pay down your mortgage. It depends on the amount but the OP is right if you make at least one payment a year you can shave off a lot of years and if you make at least one extra payment a year, you dont need to sign up for a biweekly mortgage, when you can just do it yourself. I watch CNBC alot so if you have questions just ask LOL.

Message edited 3/25/2010 2:54:41 PM.

Posted 3/25/10 2:53 PM
 

browneyedgirl
family is all that matters

Member since 6/06

6513 total posts

Name:
browneyes

Re: Spinoff: Extra mortgage payment with poll

Posted by MeNSte

its hard to do an extra payment. what we have been doing is pay a little extra every month. (still doesnt work out to be a full payment though) but every bit helps



we do the same

Posted 3/25/10 8:29 PM
 

JandJ1224

Member since 6/06

5911 total posts

Name:
Jannette

Re: Spinoff: Extra mortgage payment with poll

My husband is paid every 2 weeks, so we will use an extra paycheck on a 3 pay month towards mortgage since that check isn't budgeted

Posted 3/26/10 9:13 AM
 

maymama
my little loves

Member since 8/08

18453 total posts

Name:

Re: Spinoff: Extra mortgage payment with poll

we are not struggling right now but times would be tough if either of us lost our jobs ...

currently, we are making payments every 2 weeks so we do make 2 extra payments (or one extra month's worth) every year Chat Icon Chat Icon

Posted 3/26/10 10:56 AM
 

are997
LIF Zygote

Member since 9/08

1 total post

Name:

Re: Spinoff: Extra mortgage payment with poll

i read this article on suze website is interesting. refers to paying your mortgage every two weeks.

http://www.suzeorman.com/igsbase/igstemplate.cfm?SRC=MD012&SRCN=aoedetails&GnavID=84&SnavID=22&TnavID=&AreasofExpertiseID=48

Posted 3/28/10 12:54 PM
 

KLSbear
LIF Adult

Member since 1/06

1908 total posts

Name:
Karen

Re: Spinoff: Extra mortgage payment with poll

Posted by are997

i read this article on suze website is interesting. refers to paying your mortgage every two weeks.

http://www.suzeorman.com/igsbase/igstemplate.cfm?SRC=MD012&SRCN=aoedetails&GnavID=84&SnavID=22&TnavID=&AreasofExpertiseID=48



That article states exactly why I'm against those programs locking you into the twice-a-month programs that charge you a fee for the program.

We make an extra payment towards principle each month - just a set amount we've chosen. I'm also trying to make the payment mid-month when the bill comes instead of waiting till the end of the month. Going on the premise that if you save interest on that twice-a-month program since you've paid sooner on half and less interest is due, then paying it all at mid-month should be saving even more interest which will show in the end. If you can't afford the extra payments right now, at least try to make the payment as early in the month as you can so it cuts some interest.

Posted 3/28/10 1:47 PM
 

maybesoon
LIF Adult

Member since 9/09

5981 total posts

Name:

Re: Spinoff: Extra mortgage payment with poll

we always choose to save $ as opposed to putting it toward mortgage. the first year we sent in the extra pmt, but never did it after that. one day when we have a large enough lump, it will be nice to make the decision to pay it toward mortgage or not.

Posted 3/28/10 6:46 PM
 
 

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