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Any real benefit in splitting mortgage payments?
Posted on 12/29/24 at 12:53 am
Posted on 12/29/24 at 12:53 am
Say your mortgage is $1,000. Is there any real benefit from making (2) $500 payments?
1
Posted on 12/29/24 at 6:19 am to King of New Orleans
If you make your payments every two weeks, you will make an extra mortgage payment each year and will allow you to pay it off faster.
This post was edited on 12/29/24 at 6:39 am
Posted on 12/29/24 at 9:19 am to horsesandbulls
Good answer. You also save some interest. Interest is accrued daily. The balance it is accrued against is smaller for 2 weeks.
Posted on 12/29/24 at 10:58 am to KWL85
some loans are set up to pay every 2 weeks. Physician loans are often done this way. Effectively makes 30 year loan a 26 year loan.
Online I've read of people having some issues initially doing this. The payment goes as extra principle payment and not part of monthly payment. Even some loan providers not allowing partial payment
Online I've read of people having some issues initially doing this. The payment goes as extra principle payment and not part of monthly payment. Even some loan providers not allowing partial payment
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