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mortgage

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millerja9 Joined: 19 Jun 2009 Posts: 100 0.00 Dollars($)	Posted: Wed Dec 09, 2009 10:20 am    Post subject: mortgage Like 0 Dislike 0 How effective is a 13th mortgage payment?
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Wed Dec 09, 2009 2:26 pm    Post subject: Payment Like 0 Dislike 0 You seem to be asking about making one extra payment per year. If your $170,000 mortgage is at 6.25% and you paid one twelfth of that extra every month, that would be paying $87.22 extra every month. The 30 year mortgage would then pay off in about 290 months or 24.42 years. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
marga1511 Joined: 13 Nov 2009 Posts: 42 0.02 Dollars($)	Posted: Sat Dec 12, 2009 11:05 am    Post subject: Like 0 Dislike 0 Generally there are plans as monthly or biweekly payments.There are 12 numbers of payments in a year. But in bimonthly payment condition lender spltes payement in biweekly mode and thus it resulats into 13th months payments. That means 26 payment schedule. Making 1/12 extra also results in one 13th mortgage payment annually.

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