User Panel
User Panel
User Panel
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Posted: 2/12/2017 2:12:25 PM EDT
[#1]
Just make sure it goes on the principal, not all loans allow you to do that without penalty.
Check your loan terms. |
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Posted: 2/12/2017 2:18:38 PM EDT
[#2]
Quoted:
I want to double my mortgage payments and I was wondering how's the best way to go about it. I want to pay it off the quickest and with the least amount of interest. For simplicity sake I'll use easy numbers. The mortgage is $500 a month would I be better off: A. Pay $500 every other week or B. Pay $1000 every month ($1500 two months a year) Doesnt make a difference. Either way would be mathematically the same since mortgage interest is calculated once per month. Do whichever method you're more likely to be disciplined in sticking to. |
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Posted: 2/12/2017 2:47:51 PM EDT
[#3]
See if this link helps.
Which ever you choose, do keep up with it as any extra money we sent in the loan place would put it toward next months payment instead of principal. 
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Posted: 2/12/2017 5:52:35 PM EDT
[#4]
Your extra payment probably won't apply biweekly, they charge extra for mortgages that are on that basis.
My home equity loan would allow me to make principal payments whenever I wanted though, and it was no charge to get. IIRC there wasn't a TON of difference between paying the extra monthly vs biweekly vs weekly but I paid extra every week anyways. |
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Posted: 2/13/2017 8:20:49 PM EDT
[#5]
Make sure you get a new schedule after you make the extra payment. Too often they took up the calculations especially if you are not permanently changing the payment amount
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Posted: 2/14/2017 10:17:08 PM EDT
[#6]
I think the interest is tabulated once per month.
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