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re: Trying to make twice a month mortgage payments
Posted on 3/12/16 at 9:18 am to Stingray
Posted on 3/12/16 at 9:18 am to Stingray
quote:
Suggestions to fix this or others ways to cut down on the amount of interest I end up paying them?
How is making 24 payments vs 12 payments going to reduced your interest?
I know some companies allow you to make bi weekly payments which gives you an extra two payments a year. Also what is your interest rate? You probably shouldn't worry about paying down your mortgage.
2
Posted on 3/12/16 at 9:27 am to barry
quote:
How is making 24 payments vs 12 payments going to reduced your interest?
If his payments are applied immediately, and his interest is one that compounds daily, then that first payment reduces the principle of which the interest for the second is compounded. It's probably a negligible amount he's saving.
Posted on 3/12/16 at 10:49 am to barry
quote:
How is making 24 payments vs 12 payments going to reduced your interest?
I'm actually making 26 payments a year.
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