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Do you pay extra on your Mortgage every month?
Posted by Brobocop
on 9/24/18 at 1:28 pm
0
4(no message)
This post was edited on 2/3 at 9:21 am
re: Do you pay extra on your Mortgage every month?Posted by MsState of mind 
on 9/24/18 at 1:30 pm to Brobocop
on 9/24/18 at 1:30 pm to BrobocopI look at escrow every year and pay an extra notes worth of principle. I am on the front side of a 30 year mortgage though so it is not real difficult
ETA add extra principle every month
ETA add extra principle every month
This post was edited on 9/24 at 1:31 pm
re: Do you pay extra on your Mortgage every month?Posted by Brobocop on 9/24/18 at 1:34 pm to MsState of mind
on 9/24/18 at 1:34 pm to MsState of mindSo you make a one-time payment or divide that payment by 12 and tack it on each month?
According to the Internet, you can save the following time/amount on a $200K loan at 4% by paying extra each month. I’d say it all depends on what other debt you have outstanding and how much you have in your emergency fund.
Extra payment $100
Time shaved off loan 4 years, 11 months
Interest payment saved $26,854
Extra payment $200
Time shaved off loan 8 years, 5 months
Interest payment saved $44,929
Extra payment $300
Time shaved off loan 11 years
Interest payment saved $58,009
Extra payment $100
Time shaved off loan 4 years, 11 months
Interest payment saved $26,854
Extra payment $200
Time shaved off loan 8 years, 5 months
Interest payment saved $44,929
Extra payment $300
Time shaved off loan 11 years
Interest payment saved $58,009
re: Do you pay extra on your Mortgage every month?Posted by readysetgeaux on 9/24/18 at 2:01 pm to Brobocop
on 9/24/18 at 2:01 pm to BrobocopI add an extra $100 towards principle every month to remove PMI quicker. Not sure if I will continue once PMI is removed.
This post was edited on 9/24 at 2:03 pm
re: Do you pay extra on your Mortgage every month?Posted by Sofa King Crimson 
on 9/24/18 at 2:54 pm to Brobocop
on 9/24/18 at 2:54 pm to Brobocopan extra $100-$200 every month.
We get paid biweekly, which means we each get 26 paychecks in a year, which means twice a year we each get an "extra" paycheck in a month. We'd take those extra checks and put them towards the mortgage to get rid of PMI. After PMI, now we don't put any extra.
re: Do you pay extra on your Mortgage every month?Posted by NewIberiaHaircut on 9/24/18 at 3:30 pm to Brobocop
on 9/24/18 at 3:30 pm to BrobocopI used to pay $100 extra every month then I refinanced to a 15 year from a 30 year. My mortgage payment went up $98 and I no longer put in any extra money.
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re: Do you pay extra on your Mortgage every month?Posted by Fat Bastard 
on 9/24/18 at 3:31 pm to Brobocop
on 9/24/18 at 3:31 pm to Brobocopnope. paid off house back in 2012. did it in just under 19 years.
re: Do you pay extra on your Mortgage every month?Posted by Popths on 9/24/18 at 3:52 pm to Fat Bastard
on 9/24/18 at 3:52 pm to Fat BastardDid when I had a mortgage. Nothing like being debt free. You won't believe how much you'll save if you are debt free. Money in your savings isn't paying diddly. I've saved more in my 50's than I have my entire life.
re: Do you pay extra on your Mortgage every month?Posted by LSUFanHouston on 9/24/18 at 5:07 pm to Brobocop
on 9/24/18 at 5:07 pm to BrobocopThis is an eventual goal of mine, however, right now we are socking away in 401K. Once we max out, will probably do this.
Our note is only about 11 percent of our pre-tax income.
Our note is only about 11 percent of our pre-tax income.
re: Do you pay extra on your Mortgage every month?Posted by TigerDeBaiter on 9/24/18 at 7:34 pm to Brobocop
on 9/24/18 at 7:34 pm to BrobocopNo
re: Do you pay extra on your Mortgage every month?Posted by CorkSoaker on 9/24/18 at 8:39 pm to Brobocop
on 9/24/18 at 8:39 pm to BrobocopMy husband and I paid off our 1st home in 7 years. Made double payments and then even more with Christmas money each year.
Now, we rent it out and use rent money to make current mortgage payments.
One of the smartest things I’ve ever done. My mortgage broker actually gave me the advice/idea to do such.
Now, we rent it out and use rent money to make current mortgage payments.
One of the smartest things I’ve ever done. My mortgage broker actually gave me the advice/idea to do such.
I do not, and it's highly unlikely I ever will.
My rate is 3.25% for 30 years after refinancing a few years ago at almost the bottom rate possible. I itemize deductions on top of that, which takes the after-tax rate to very close to inflation so the ROI for an early payment is close to zero.
FWIW, the size of the monthly payment is only a short-term consideration. The interest rate after inflation and taxes shows the long-term cost, and if you get that down close to zero you're doing well.
My rate is 3.25% for 30 years after refinancing a few years ago at almost the bottom rate possible. I itemize deductions on top of that, which takes the after-tax rate to very close to inflation so the ROI for an early payment is close to zero.
FWIW, the size of the monthly payment is only a short-term consideration. The interest rate after inflation and taxes shows the long-term cost, and if you get that down close to zero you're doing well.
re: Do you pay extra on your Mortgage every month?Posted by Larry Gooseman on 9/25/18 at 7:27 am to Brobocop
on 9/25/18 at 7:27 am to BrobocopI didn’t pay extra on 15 yr at previous home. Currently pay $300 extra/mo for 30 year loan, which would get loan paid off in ~20 years.
quote:
FWIW, the size of the monthly payment is only a short-term consideration. The interest rate after inflation and taxes shows the long-term cost, and if you get that down close to zero you're doing well.
Right
You have to consider that if you're in year 5 of a 30 year mortgage the payments might seem like a pain but in year 25 those payments will seem like a car note.
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