 If I move out in the middle of the month, do I have to pay for the rest of the month? |
| I just gave my room mate and my landlord 30 days notice My room mate and I pay $1050 in which I pay half. My question is if move out in the middle of the month, do i have to pay pay for the full ... |
|
 If you break your lease? |
| If some friends of apt. manager are allowed to break their lease big time and are allowed to do things none of the other tenets are allowed to do ,what do you do?... |
|
 To survey or not? |
| My son is looking to buy his first house and has been adviced by the mortgage lender (Nat. West) that a survey isn't a legal requirement, i say it is, but if not i say he should get one anyway. ... |
|
 How can I avoid shady renters? |
| I'm new to being a landlord and I've already gotten shady renters who would trash my apartments in just a couple of months, bunk in several other people and hold out on paying their rent. A ... |
|
 Is it possible to get a loan for a home if I am unemployed? |
| I live in NJ. Divorced with 2 kids, I have 50K to put down and another 100K in the bank (cds, savings, and checking). My credit is in good standing-approx a 620. I am also a fulltime med student for ... |
|
 Advice for first time home buyer with no credit? |
| my (long-time) fiance and i are hoping to buy a home within the next year.i do not work and have poor credit, so i will most certainly not be on the loan. he works and supports us all, but has really ... |
|
 We run a motel and a guest wants to bring plunk his "live in" trailer in our back yard.? |
| The guest wants to stay here troughout the summer and he suggested this. This is good for us in some ways like, it free's up a room. But, what are the pro's and con's with this idea? W... |
|
 Buy a house now, or wait - unusual circumstances!? |
| I have $40,000 down, can afford $3000 per month and have good credit. The thing is, I won't be living in the USA until 2017! Should I buy now and rent the house out, or wait? By 2017, I won�... |
|
 How do you get out of a mortgage when the other won't sell and can't assume the loan because of bad credit? |
| The mortgage is about 5 years old on a house I part own in Colorado. I've been trying to get off the title and mortgage but my ex-fiance seems to blow me off each time. I don't care about ... |
|
 I live and work in a very affluent area, yet I have a very low income. How can I afford to buy a house? |
| The area That i work in, all the houses are too expensive. It's in conneticut/upstate new york and the cheapest homes still cost $500,000 or more with under an acre of land. Real Estate here ... |
|
 Can my landlord increase my rent by as much as 25%? |
| The rent will then be well out of our price range. I was under the impression it cannot be increased by more than 10% per ... |
|
 Non lease eviction? |
| My friend is being evicted. She has been issued a summons to go to court, but they have also issued her Fiance a summons saying that he owes her back rent also. He lives with her most of the time, ... |
|
 Tricky legal question, but very urgent??? |
We just purchased a home, and moved in 1½ weeks ago (signed on 3-30-2007). We got the water turned on the same day as the signing.
After a week, we started noticing water building up in ... |
|
 Which is the smarter financial move?? |
| Right now I can buy a palce but...everyone is giving me diff advice. Seems as though most say RENT right now because prices will continue to go down thru 2008. I always though by renting it was a lot ... |
|
| Section 8 housing? |
| I LIVE IN SOUTH FLORIDA I WANT TO RENT OUT MY HOME, I WANTED HOW WOULD I RENT OUT MY HOME TO A SECTION 8 FAMILY... |
|
 Temperature in house to avoid pipes from freezing? |
| I live alone and travel often. I live outside Philly, so it's fairly cold right now. When I travel, I turn down the heat to lower the bills......but does anyone know the safe temperature I need ... |
|
|  |
Lynnanne M | If I pay 1/2 of my mortgage payment every two weeks will that have any benefit? |
I had read somewhere that if I split my mortgage payment in two and pay it every other week it could cut years off my mortgage. If this is true can you help me with a web site I can show my husband to make him understand what I am taking about |
 |
 
bidia
|
that would definately cut down the years and interest. if the banks had their way they would take all your money. |
|
truthsense
 |
Yes, it will make a difference. I have read the home buying guides which go over the calculations. If you search online for bi-weekly mortgage calculator you would find this site:
www.bankrate.com/brm/cgi-bin/biweekly....
By paying bi-weekly you will save all of those thousands of weeks of compound interest over 30 years of a mortgage. I entered in an example of a $100,000 mortgage using a Interest Rate of 6.5% over 30 years. The savings you would pay in interest by paying bi-weekly is $30,000.
Show your husband and get him to help you save all that money. =) |
|
wotana02
|
Yes, you get an extra payment a year, bring down the principal of the loan faster! |
|
Screaming Eagle
|
Yes, it will pay off sooner, BUT, be careful, some companies will hit you with an extra fee for doing it that way.
Instead, increase your monthly payment by 1/12, or 2/12 to pay it off sooner.
Show him how much in 10s of thousand of dollars less that you will end up paying. |
|
KYRealEstateGuy
|
You will get the advantage of making payments when only 2 weeks worth of interest has accrued. It will allow you to pay it off a little sooner. If this payment schedule fits your lifestyle check with your bank to set it up. |
|
Ron
 |
Obviously if you pay half of your mortgage payment every two weeks, you will end up paying half of your mortgage 26 times. This equates to 13 full payments per year rather than 12. Since a 30 year mortgage would require 360 payments (12 * 30), you can do a further calculation and divide 360 by 13 payments per year. This would equal only 27.69 years. You've knocked at least 2.5 years off by just paying more frequently.
Let's say your mortgage payment is $1000. I did a little calculation using 5% interest since that is basically the risk free rate. If you invest that 13th payment of $1000 every year for 30 years, you would have $69,760. Keep in mind I used the risk free rate. Most investments over 30 years will garner a larger return than that.
Now, would you rather have your mortgage paid off 2.5 years early or would you rather have nearly $70,000 in your pocket? If you are disciplined enough, that would be the route I would take. |
|
US P
|
O Yes!! this will help you pay off your mortgage years early and build equity a lot faster. instead of making 12 monthly payments per calendar year you will be making 13. check to see if there are any fees with your lender - i don't think there will be - but just check to make sure. you can go to bankrate.com and pull up a mortgage calculator and it will show how much time it will cut off of your mortgage. |
|
Kjelstad
 |
I agree with the first post, check your documents for any fees that might generate. Depending on your rate it could be a good idea to pay it down. I have a 5-1/8% 30 year so I don't pay down, but if you have something up towards 10% it make sense. |
|
Crazymom
|
The only benefit is that you don't get slammed with a lump some once a month. I pay all my bills this way.
You won't pay it off any sooner. (1/2 +1/2 = 1 whole payment each month) |
|
Kathleen M
|
If you pay half a mortgage payment every two weeks its going to have you paying more each year. Say your payment is $100.00 a month (I know, it's not but lets just say so). If you pay every month at the end of the year you will have paid $1200.00. If you pay every two weeks you will have paid $2600.00. You pay the most toward the principal of your loan in the last half of the loan. So if you had a 30 year loan for most of the first 15 years (and maybe a little more) you will be paying mostly interest. You need to contact your lender about obtaining an amoritization schedule. That will show you the break down of your payment every month, and you can figure out a pay schedule accordingly. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 12 minutes(s) ago
| | | |
9 | 41 minutes(s) ago
| | | |
10 | 1 hour(s) ago
| | | |
10 | 2 hour(s) ago
| | | |
10 | 3 hour(s) ago
| | | |
10 | 4 hour(s) ago
| | | |
10 | 5 hour(s) ago
| | | |
10 | 10 hour(s) ago
| | | |
10 | 1 day(s) ago
| | | |
8 | 6 day(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
