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Honey | When they say if you make an extra mortgage payment you reduce your balance does that incl taxes & insurance? |
e.g., if your mortgate is 747. then you add property taxes, and homeowners insurance making the payment 1242. do you pay the 1242 or the 747? |
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Baby Poots
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You need to read the mortgage papers you signed at the time of your mortgage loan. If you do not understand the terms and policy of making an "extra payment",you need to talk with an officer of the lending agency carrying your mortgage. All lending agencies do not have the same terms and policies.
Don't call the lending agency: you might get someone who unknowingly gives you incorrect information. Personally talk with a loan specialist at your lending agency. Get the policy in writing, signed by the officer you talk to.
Do not make an "extra" mortgage payment until you have written confirmation of the consequences. |
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NIck N
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NO they are just meaning your mortgage payments. You will always have insurance and taxes on your home even when it is paid off. |
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kihteacher
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No...just on the principal amount. |
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Bob
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You can specify the amount of the extra payment on the slip you return to the mortgage company with the payment.
For example, include an additional 58 and send a check for 1300. |
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yums
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read tips on mortgage and loans on this site |
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Janice Tee
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Depend. |
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ii7-V7
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Anything extra that you pay goes towards reducing the balance. So, in fact either amount. The more you pay the lower the balance gets the less interest you pay. |
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ML
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Anything above the 1242 goes directly to the principal |
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h2odog
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The more you pay the more you reduce your principal, and hence reduce the length of your note and the amount of interest you will ultimately pay. |
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selfmanagement808
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it all depends.
If you just pay 1242 the lender may just treat is as next month's payment and credit it as such, to be sure you get your needs met you must specify (write a memo on the check or include written instrutions) that the payment is to principal only, provided you are current on your payments.
Even an extra 15 a month can knock years off a mortgage, depending on the mortgage terms of course.
Here is a link to a free calculator that lets you compare income to debt to investing. use the debt section to play with your numbers and see the results. sorry you need excel or open office on your computer to run. |
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freetronics
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only pay the $747 (extra payment). The rest of the money goes to an escrow account which is used to pay your taxes and insurance. This money has no effect on your mortage balance.
Of course, the more you pay the faster the balance reduces. So you could pay more if you can afford it. But $747 is considered the "extra payment". |
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