Do you overpay your mortgage each month? If yes, by how much?
Original post by peabodylilmrs
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Re: Do you overpay your mortgage each month? If yes, by how much?
Thanks for the calculator..I had no idea I could save so muc! I need to take to DH aboutthis asap
DjPiLL
Posted:
Member since
Re: Do you overpay your mortgage each month? If yes, by how much?
Posted by bride04
you might be able to set up what is called bi-weekly mortgage payments through your bank. if you make a half payment every 2 weeks by the end of the year you will have paid an extra months worth of mortgage payments since there are 52 weeks in a year. i think bankrate.com has a calculator that will tell you how much sooner you will pay the loan off and how much interest you will save
If your bank will set up bi-weekly for free... then do it. But most banks want to hit you with some BS fee to do this. Do NOT pay a bank to do this. Its wasted money.
Just pay extra every month so every year you overpay by an extra payment... and you save almost 7 years off the loan.
