U.S. CitiesCity-Data Forum Index
Happy Halloween!
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 11-12-2010, 09:19 AM
 
339 posts, read 896,825 times
Reputation: 345

Advertisements

I'm interested in increasing my mortgage payment. Should I pay an extra $1k once a month, or $500 twice a month? Thanks for your insight.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 11-12-2010, 09:32 AM
 
Location: MMU->ABE->ATL->ASH
9,211 posts, read 18,348,564 times
Reputation: 10166
If Your Mortgage Company allow's it playing $500 2x a month will reduce your Total intrest paid, some. Your amound owed will go down because you are using $500 less for 14days or so, each month, then pay at the end of the month.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-12-2010, 11:42 AM
 
Location: Great State of Texas
86,068 posts, read 76,221,417 times
Reputation: 27637
Some banks charge for it. Then it's not worth it.

I just make my normal monthly payment and add additional principal each month.
And that costs me no extra.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-12-2010, 11:48 AM
 
1,403 posts, read 3,235,855 times
Reputation: 1311
When you make payments before its due, the mortgage company holds those funds in escrow until the due date (and makes interest on it)....you are better off holding onto it yourself.

I suggest doing what happyTexan does....pay more at the end of the month
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-12-2010, 12:39 PM
 
Location: Great State of Texas
86,068 posts, read 76,221,417 times
Reputation: 27637
Quote:
Originally Posted by broadbill View Post
When you make payments before its due, the mortgage company holds those funds in escrow until the due date (and makes interest on it)....you are better off holding onto it yourself.

I suggest doing what happyTexan does....pay more at the end of the month

I will add to double check each month that the extra money you send in for principal gets put towards principal and not escrow. I have seen that happen to me..fixed once I made a phone call. I just attribute that to sloppy data entry at the bank's end.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 01:57 PM.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top