 19 year old first time home buyer? |
| I'm 19 years old and am interested in purchasing my first home. I have a steady job that i've had for over a year, I gross a little less than $600 per week. I have a credit card but i'... |
|
 How can I get out of my apartment lease? |
| I moved in about 4 months ago and had a few proublems that have not gotten fixed until a few days ago and they got fixed by me and it was taken off my rent. There are roaches in my apartment (i have ... |
|
 For all you carpenters and landlords out there? |
| I have a friend that rents an apartment. She had an accident with hot grease in the kitchen. So her landlord gave her an estimate of $1300. This would include an area of 5' x 10' linoleum ... |
|
 When would the rent be due? |
| If a landlord ask for first and last months rent plus an extra month and a security deposit when would my first payment be due? Also does anyone else think this is a bit extreme?... |
|
 Is it the agent's job to call the home insurance company to get a policy or should i do it? |
| our closing will be this wednesday...everything is good ...the only thing that is missing is the home insurance ... |
|
 I have lived in my current apartment about 12 years, now strange things are happening, Why? |
| I'm a good tenant. Pay the rent on time, etc. Now, things become missing, and other things, unmentionable, are happening. I live alone, and I DON'T FEEL LIKE MOVING. Have talked to ... |
|
 Do you have to tell the owner of the apartment building if you have someone moving in? |
| I have an efficiency, and my friend who is abroad is coming back next semester is most likely moving in with me. Do I have to tell the owner/landlord that someone is moving in? What if I don't ... |
|
 Can you get help from the job centre to help pay rent? |
| Im going to be living with my boyfriend and his room ... |
|
 Can you pass a housing association house down to your children if your not dead? |
| my mums house is housing trust but was part of the council i live here with my family now but she wants to move away and buy a house can she pass the house down to me or do i have to apply to the ... |
|
 Can a landlord tell you they want you out in a day and say the things you dont take will be put outside? |
| a assistant of the manager told me that i have a day to get all my stuff out the apartment or the rest will be set by the curb the assistant said they will be fileing eviction for me to vacate but ... |
|
 Info on renting a house? |
| I'm interested in renting out a house I've lived in for the last 7 years. I would like any help with some of the fine details on being a landlord. The likes of say, contracts, duties, ect.... |
|
 Is my landlord trying to rip me off? |
| My fiance and I are getting ready to move into an apartment. We paid our landlord $425 for rent, plus a $200 security deposit on Friday the 25th. He said he would not give us the keys to the ... |
|
 So I am buying a house and I'm just curious...? |
| I went through the pre-qualification process, found my home, made an offer, signed the purchase of sale, and now have givien the bank my papers to complete the process. I am just a worry wort and ... |
|
 Can my landlord raise the rent when another person moved into the extra bedroom can he do this? |
| There are three of us on a lease for a four bedroom house. The advertisement said that it was a four bedroom for $1350. Now that we had a fourth move in he wants to raise the rent $250 dollars ... |
|
 Im getting a divorce and our house is not selling......? |
I am considering re-finacing the whole thing in my name and renting it out until the market improves. Will this hurt me more than it will help me? I need some professional advice.
Additional D... |
|
 Should I Be Worried! Please Help - About to Purchase Condo? |
Ok, first thanks for reading this question.
My wife and I purchased a Condo Last Year in Chicago for 360k, this Condo was under construction and will be ready in July. We already gave 36K ... |
|
 Real problem, so I need real advice...? |
| My boyfriend and his ex lived together for 2 years. Four days before they were to renew their lease, she decided that she was moving out. This gave him no time to find another roommate or find a ... |
|
|  |
Vincent H | If you make 2 mortgage payments a year, how fast can you pay off a 30 year mortgage? |
I heard you take 7 years off a mortgage if you make one extra payment. I was wondering how many years you save if you make 2 payments. |
 |
 
Catty
 |
It depends on your payments and the total cost of the house. Can't be more specific than that, sorry. Not enough info. |
|
fttbhsx
 |
It depends on the interest rate (only the interest rate).
The 7 yr figure was talked about back when rates were higher.
Anyway, here are some examples.
@5% 1 extra gets it paid on the 305th payment (25yr 4mo)
2 extra pays it on the 264th payment (22yr 0mo)
6% 1 extra: 297th (24yr 9mo)
2 extra: 253rd (21yr 1mo)
7% 1 extra: 288th (24yr 0mo)
2 extra: 241st (20 yr 1mo)
8% 1 extra: 277th (23yr 1mo) -- there is your 7 yrs.
2 extra: 229th (19yr 1mo)
Assumptions used:
The extra payments are made on the 6th and/or 12th month of each year. If they were made at the beginning of each period the time would be shorter.
No allowance made for any additional charges (taxes, insurance, fees, penalties, or whatever), being included with principal.
The final payment may be a bit less than your regular payment.
-----------------------------
This answer has been edited to reflect more precise calculations. |
|
Huge
|
It depends on the size of the payments you make. The idea is to reduce the interest you pay so the bigger the repayment the more you save. I would suggest you make one capital repayment of as large a sum as you can afford each year. Speak to your lender to find out the best time of year to make the payment to optimise your saving.
I have a flexible mortgage and can make additional payments any time. However, if I make more than two a year an admin charge is payable you may find a similar situation applies to your mortgage so check it out. I have reduced by mortgage so that I only have 4 more years to pay it off. |
|
Lydia
|
Then you better be making two mortgage payments PER MONTH, not per year, as you said. |
|
Price is what you pay for value.
 |
it really depends on how much you pay to principal in extra payments. if you pay $100K extra, then the loan would be done in no time.
Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. |
|
jkhosho
|
Well if you make two payments a month then just divide...30 yrs by 2 so it will take you 15 years. Cuz if you make 1 payment a month thats 12 months 12 payments....
12 (payments) * 30 (years) = 360 payments <Once a month>
24 (payments) * 15 (years) = 360 payments (The Same) <Twice a month> |
|
Windseeker_1
 |
2 'extra' payments!?! I don't know the calculation but it's not 14 if that's what you're thinking. You save a lot in interest payments for sure and it's true that it takes years off your mortgage. My 25 year mortgage is reduced to 17.5 with one extra payment a year. Every little bit you can put into it will be to your advantage for sure. Ever heard of Dave Ramsey? Check out his website and catch his radio show if you can. |
|
Jessie P
|
I would think 15. If one extra a year is 7, then 2 extra a year would be 14. BUT the more you pay to principal, the more of your payment goes to principal. |
|
newme48601
|
I don't' know how to answer that but I think an amortization chart would tell you that. |
|
ntavisola
 |
Did you mean, you'll make two extra payments over the 12 monthly payments you're expected to send?
Some of our Y!Users are right: It depends on how much per extra payment you'll be sending to the lender. In addition, these extra payments must memo the lender to apply it towards the principal - not split it between principal and interest.
A general scenario would be:
(1) If you recently refinanced to a lower interest rate (1% and more);
(2) You consolidated all your debts;
(3) You have an effective lower monthly mortgage payments spread over 30 years;
(4) The savings you received between your previous and current mortgage is being alloted towards your current principal mortgage payment (monthly, semi-annual or annual), instructing the lender to apply these payments toward the principal only;
(5) You will definitely pay-off your loan much earlier; but like some of our Y!Users said, you need your Mortgage Payment Chart to be able to see how fast you're paying off and how much savings you're getting. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 26 minutes(s) ago
| | | |
9 | 56 minutes(s) ago
| | | |
9 | 2 hour(s) ago
| | | |
9 | 4 hour(s) ago
| | | |
9 | 9 hour(s) ago
| | | |
9 | 2 day(s) ago
| | | |
8 | 2 week(s) ago
| | | |
9 | 3 week(s) ago
| | | |
7 | 1 month(s) ago
| | | |
9 | 4 month(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
