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Additional Details
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Dr. W | Bi-Weekly Mortgage Payments!? |
I bought home almost 4 years ago... and my current principal is now $178,700 on my house (at 5.875%), and with a monthly current monthyl payments of $1,122. According to my mortgage company, I have 315 more payments left (about 26 more months!).
My question is...
If I switch to bi-weekly payments, and pay $2,100 twice a month for the first year (Jan to Dec 08), and $3,000 twice a month (for Jan to Dec 09), how much will I have left on the principal on Jan 2010?, and how much more payments do I have to make after that!
Thanks for your time!
Additional Details
Correction: 26 more years (not months!) |
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Deb W
 |
Assuming that you make your first payment on 1/1/08 and make payments every 14 days throughout the year, you would be making 26 payments each year.
Your balance on 1/1/10 would be $53, 564. If you continue making bi-weekly payments of $3,000.00 your loan would be paid in full 10-05-10.
It would take a lot of discipline to keep this up for nearly 3 years, but the reward is great! |
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Troy Colts Rock
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This does not actually answer your question but I have a suggestion for you ...
I am sure the mortgage company has sent advertisements to you to sign up for the "bi-weekly mortgage payments" plan for a nominal fee, in return you save BIG on your mortgage over the long run. My suggestion to you is to not sign up for this "plan" because it will surely cost you some money to join the plan. Instead of joining, just pay as much extra each month as you can (as long as you don't have early payment penalties as part of your mortgage). This way you are not OBLIGATED to pay the higher amount every month. Some months you may not have the extra cash, so don't bind yourself to the extra payment. Pay the extra amount as often as you can, and you will end up saving BIG over the long run, without joining any plans. |
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Lionors
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Our mortgage company tried to get us to do this - for a small fee, of course. :) We politely declined.
The answer I think would help you most is much simpler.
What you need to do is apply the money directly to the principal. The mortgage company or bank amortizes the mortgage and puts the interest payment basically on top of the pile. Your first years of payments are primarily paying off interest on the loan. After all, the bank wants its dessert first!
How you can help yourself most is by directly lowering the principal amount you owe. See if you can't make a small additional payment every month directly to your principal. Doesn't have to be huge; any amount will help, if you're patient and consistent. However, you have to stipulate that the amount is going *to principal*. If you just increase the payment without that stipulation, the bank will just apply it normally (i.e., interest first, then principal).
In our case, we have a slip we fill out each month. I pay the amount due and add an additional $250 a month for additional principal payment (our slips have a slot for it). That's an additional $3000 a year -- BUT it's paying off the 'real' amount I owe, not just paying interest to the bank. And, as our 'required' payment goes down, we add that difference to the amount we pay to principal, thus paying it off that much faster. In five years, we've reduced our principal balance by $15,000 plus whatever percentage was applied to principal from our regular payments. That's a significant chunk.
Mind you, some banks may not like this at all. I know our mortgage officer got a -very- pained smile when I asked him about it. <evil grin> However, unless there's a clause in your mortgage which specifically prohibits you from doing so, there's nothing they can do to stop you from doing this.
If there is no option on your payment stub to allow you to add an additional payment to principal, call your bank and see how it can be done. You may need to insist and they may try to get you to pay bimonthly payments...but don't let them talk you out of it. The longer they make you pay *ordinary* payments, the longer you're paying *them* interest and making *them* more money.
Good luck! |
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Pimpin John
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www.bankrate.com |
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jburdman7
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First, make certain you benefit from an early pay-down! To many, there is no benefit.
For a primer on compound interest, see link for source. |
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Gregorio
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You can use the extra payment calculator here: http://wefixrates.com/tools/paymentcalculator.htm |
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tampabaycreditdoctor
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I would not switch to that program. If you do, you are committed! If something goes wrong in your life, you're stuck in that program. Since you asked the question, you're aware of what's going on. My game plan would be, knock out chunks of principal when I have capacity to do so. |
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Rick B
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315 payments left is 26 months?!?!?!?!?! I assume you mean 26 YEARS? |
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shogun_316
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Come on...do your own homework.
If you could afford $4000-$6000 per month on mortgage two things would happen.
1 - you wouldn't worry about paying your mortgage this way since the current mortgage is not a problem for your bank account and you'd be better off with the interest tax write off.
2- you'd be in a much bigger house. If you can afford to pay $6K/month you'd have to make about $10K per month and still have a car, food, clothes, etc.... |
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Cortney & Nathan
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What do you do for a living that you can afford to pay $3,000 twice a month? we pay about 1250.00 per month and we think that alot. and we make decent money.
Sorry this didn't answer your question- but you are one lucky bastard!
I was wondering why you said 26 months...that was really throwing me. My husband manages our money so I am definately NOT the one to talk to about finances. |
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c_fowler
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Bi-weekly is a great concept, but this is how I am accompishing this..Its 100% legal and saves thousands of dollars in interest and years and years off your mortgage. I will pay about 16-18 thousand towards my principal in the1st year instead of 2-3 thousand. I plan on having my 30 year mtg paidoff in less than 8 years without making more money or changing my spending. Here is how it works
The program that I am talking about is called united first financial (or U1st). It is a software program that prompts you to pay more towards your principle during the year. The idea behind it is using a home equity line of credit (heloc) in place of your checking and savings account. By doing this you are canceling interest on your heloc by your income coming into it. Its only charged on a daily average balance so you want to keep as much money in heloc as you can.
(Example... 3000 on line already, pay your bills for that month and it takes the balance up to 8000, then you deposit your money which drops it back down to 2500.00, with the daily average balance you'll only pay on the 2500. and not the 8000.)
Well once you let your income work down your heloc, it wont allow you to put more money than you have drawn, so you transfer over a couple thousand to your first mortgage. Then put your income back in, repeating the process a few times a year...resulting in 1/2 to 1/3 the time frame to payoff your house. Also saving hundreds of thousands in interest. Any other questions feel free to check out this site.
Please feel free to check website out below or rspond back to find out more. |
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Stan W
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I'm not going to do the math for you - because the rule is always best to get a monthly mortgage.
Somewhere along the line you are miss a paycheck or two - which will be too much pressure on you to pay 2 payments a month.
You're OK where you are - stick with the monthly and make extra payments to principle as often as you find it within your budget. |
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