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re:labordoor (sp?) answer
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iris g | If I cut my loan payment in half and pay it twice in a month will I pay it faster and beat out the interest? |
I've heard that paying a debt 2x's in a month instead of all at once at the end of the month actually pays off your balance sooner and halves the amount of interest you pay that month. I want to pay down my 19K in student loans as quickly as possible. Does anyone know about this? |
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Im Shell
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Yes - it will. And no you don't have to pay the original amount to do it - although that would get it paid down twice as fast! The way it works is this - if you pay it monthly - you make 12 payments; if you pay it every 2 weeks, you make 26 payments. So, if your payment is $400 - and you make 12 payments - you pay $4800. If you pay $200 every other week (NOT twice a month) you pay $5,200. Not only do you pay more on the loan - the additional $400 that is paid goes directly to principal - not interest. |
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Bella♥
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If you pay double the monthly amount, you won't pay as much interests. I don't think it will cut in half but it will definitely be less than what you would've paid. I'm currently paying off one of my student loans but I got the good loan which doesn't have interest on it. Good luck! :) |
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Doctor Deth
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1-they would have to allow it
2-it won't save that much - it's not a mortgage sized payment - maybe a few hundred over the life of the loan, cut off 1-2 monthly payments maybe - you'd be better off paying more than the minimum if they allow extra "principle payments" that will shorten the loan faster |
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Kay3535
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Yes, if you pay a debt 2x's in a month this works. However, not by dividing the amount in 1/2 first. You have to pay the original payment amount 2 times for this to work. |
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Lisa b
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I think what you're talking about is taking the monthly payment, cutting it in half and paying that amount every two weeks, which will pay the loan off faster. Instead of making one payment a month (12 times a year = 12 payments), you make that half payment every two weeks. There are 52 weeks in a year, divide that in half that is 26 payments and if you're making a half of a payment every two weeks you're making 13 full payments a year. So, you in fact, make one more payment per year than you're making now. We do that with our mortgage and we're going to pay it off years sooner. |
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Lollie
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Yes well i think so anyway! Good luck |
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La Vie Boheme
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Anything extra you pay beyond the minimum goes towards the balance...it's a good thing! |
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Ron Diego
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First of all, most loan agreements call for a certain monthly payment amount to be paid on a certain date. Forget about halving your loan payment. Instead, continue making regular payments with an additional amount tacked on now and then. Certainly, paying off a loan before it is due will save interest. On most mortgage loans, even if you make a substantial extra paymnet towards the principal amount, you still have to make the regular payment the following month. But yes in the long run you would be saving interest by making that extra payment. |
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emankcin
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You should check with the loan company to see if this technique will work in your situation. It depends on how they are calculating and crediting interest to the balance. |
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SwtLovinRy
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as long as you are putting the majority of the money towards principal. Don't let it all go to esgrow |
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