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re: Trying to make twice a month mortgage payments
Posted on 3/12/16 at 9:27 am to barry
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.
1
Posted on 3/12/16 at 9:33 am to GoldenD
quote:By this same theory wouldn't he just be better off paying it in full at the beginning of the statement period rather than the end.
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.
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