paying more on mortgage

jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.11 Dollars($)

Hi everyone, I am at the point now with my mortgage and other bills that I can start paying $500 or more extra on my mortgage a month. People say to have the company take it off the principle, I agree with that, but I think that I am going to make a few payments ahead first to get ahead for my own piece of mind.

Any thoughts on this would be appreciated.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi jbarto,

If you have some extra money in hand then you can make a few months payments ahead but I think it will be better for you if you can deduct the principal with that extra amount.

Best of luck,
Larry

Guest 0.10 Dollars($)

Paying additional towards your principle can save you a ton of money in interest. Lenders can only charge you interest on the principle balance. Here is a link to a mortgage calculator that you can enter scenarios on how much you want to add each money or ina lump. There are several calculators on the web you can use to determine how much you can save. Bankrate has a good calculator.

sara

Hi jbarto,

There are a lot of calculators here in this community. I've used some of them and the calculations are simple! doesn't take much time.

If you are making extra payments on your mortgage, try using the calculator at http://www.mortgagefit.com/calculators/extra-payment.html to find out how much you can save in interest by making extra payments.

Take Care

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