30 Yr Mortgage ? Pre-payment (loan, fixed rate, rate, loan)

[westchester]

HOW MANY PEOPLE WHO HAVE HAD A 30YR. FIXED RATE MORTGAGE FOR AT LEAST 10 YEARS HAVE ACTUALLY MADE EXTRA PAYMENTS ON A REGULAR BASIS? I AM JUST TRYING TO FIGURE OUT HOW MANY PEOPLE GO INTO A 30YR WITH THE MIND SET TO PUT EXTRA PAYMENTS IN EVERY MONTH OR SO BUT THAT "EXTRA" MONEY ALWAYS SEEMS TO GET SIDE TRACKED SOME WHERE ELSE........AND THEN THEIR ARE NO EXTRA PAYMENTS

[MurphyPl1]

Originally Posted by westchester

HOW MANY PEOPLE WHO HAVE HAD A 30YR. FIXED RATE MORTGAGE FOR AT LEAST 10 YEARS HAVE ACTUALLY MADE EXTRA PAYMENTS ON A REGULAR BASIS? I AM JUST TRYING TO FIGURE OUT HOW MANY PEOPLE GO INTO A 30YR WITH THE MIND SET TO PUT EXTRA PAYMENTS IN EVERY MONTH OR SO BUT THAT "EXTRA" MONEY ALWAYS SEEMS TO GET SIDE TRACKED SOME WHERE ELSE........AND THEN THEIR ARE NO EXTRA PAYMENTS

We did until we paid it off.

[tahiti]

yes, we are doing that - an add'l $400 a month. been doing it for about 1 yr now.

[ForgetMeNot]

Add me to the list! I add extra to every month's payment automatically.

[sterlinggirl]

I always paid extra on a 15 year, and paid every 4 weeks instead of every month.

[pghquest]

Originally Posted by westchester

HOW MANY PEOPLE WHO HAVE HAD A 30YR. FIXED RATE MORTGAGE FOR AT LEAST 10 YEARS HAVE ACTUALLY MADE EXTRA PAYMENTS ON A REGULAR BASIS? I AM JUST TRYING TO FIGURE OUT HOW MANY PEOPLE GO INTO A 30YR WITH THE MIND SET TO PUT EXTRA PAYMENTS IN EVERY MONTH OR SO BUT THAT "EXTRA" MONEY ALWAYS SEEMS TO GET SIDE TRACKED SOME WHERE ELSE........AND THEN THEIR ARE NO EXTRA PAYMENTS

Went into a 30 year mortgage with the mindset that we were going to pay it off in 5, and move. Home finally paid for, after 5 years.

[recuerdeme]

I think I read somewhere that some lenders will not accept over payments or early payments or something like that.

Maybe I'm thinking of something else?

[tamcim72]

I always make sure on any loan that there is no prepayment penalty....I always round up to atleast the next hundred on everything car, house, etc.

[rcarrillo]

I round mine up to the next hundred level to pay a little early and make accounting easier

Paying off a mortgage early is not always the best option btw. If you are in a high tax bracket, with few other debts and good investment options... its best to keep the tax savings of the interest and use the extra money to save for retirement, have an emergency fund, plan for college expenses for children, etc.

It depends on the person and the situation, but I like to pay mine off early

[westchester]

just like a suspected not many people pay their 30yr early..............it is just to hard to stay that disiplined...........that extra money always seem to find a different home..............