*Home owners* Did you know - Financial Management

Ma*Becca · 03-22-2009, 09:34 PM

Did you know if you pay 1 (just 1) extra mortgage payment a year you can pay off a 30 year mortgage in 19-20 years

I just learned that from HGTV

CoffeeGirl · 03-22-2009, 09:40 PM

thats awesome & I

HGTV

SAMSET · 03-22-2009, 09:45 PM

Originally Posted by Ma*Becca

Did you know if you pay 1 (just 1) extra mortgage payment a year you can pay off a 30 year mortgage in 19-20 years

I just learned that from HGTV

I was just watching that!

Ma*Becca · 03-22-2009, 09:52 PM

Originally Posted by CoffeeGirl

thats awesome & I

HGTV

Originally Posted by SAMSET

I was just watching that!

I've come to

that channel cause its all my husband watchs anymore

Ma*Becca · 03-22-2009, 10:05 PM

Oh come on people this is good information to know

Amy · 03-22-2009, 10:07 PM

Yeah, all you would have to do is make a payment of half your mortgage every 2 weeks instead of once a month. Would come out to 26 half-monthly payments, which would come out to 13 monthly payments in a year. Saves SO much in interest because all of the money would go directly towards the principal.

~Stephie~ · 03-22-2009, 10:38 PM

This is exactly what I want to be able to do when we buy a house!!!

GREAT INFO!!!!!

jennypage · 03-22-2009, 11:14 PM

They told us when we signed that if we made one extra payment a year our 30 year mortgage would be paid off in 17!!! That is such a HUGE difference.

wb3690 · 03-22-2009, 11:36 PM

thanks! that's good information to know as we are in the home buying process right now

Aunt Sponge · 03-22-2009, 11:43 PM

So if I make 2 or 3 extra payment i can pay it off in 10?

Neeeeh -

Doesn't work that way I'm afraid.

03-22-2009, 09:34 PM	#1 (permalink)
Ma*Becca Yours, Mine and Ours Join Date: Jan 2008 Location: San Diego Posts: 6,690 Classifieds: (0) Activity: 25% Longevity: 30%	Home owners Did you know Did you know if you pay 1 (just 1) extra mortgage payment a year you can pay off a 30 year mortgage in 19-20 years I just learned that from HGTV __________________ Loving my big blended family Last edited by MaBecca; 03-22-2009 at 10:04 PM. Reason: Title*

03-22-2009, 09:40 PM	#2 (permalink)
CoffeeGirl Java Queen Extraordinaire Join Date: Jan 2005 Location: Arizona Posts: 56,459 Classifieds: (0) Activity: 20% Longevity: 82%	thats awesome & I HGTV __________________ When my time comes, forget the wrong that I've done, help me leave behind some reasons to be missed. Don't resent me when your feeling empty,Keep me in your memory, leave out all the rest leave out all the rest

03-22-2009, 10:05 PM	#5 (permalink)
Ma*Becca Yours, Mine and Ours Join Date: Jan 2008 Location: San Diego Posts: 6,690 Classifieds: (0) Activity: 25% Longevity: 30%	Oh come on people this is good information to know __________________ Loving my big blended family

03-22-2009, 10:07 PM	#6 (permalink)
Amy Senior Member Join Date: Feb 2007 Location: Pearl Harbor, Hawaii Posts: 8,958 Classifieds: (0) Activity: 94% Longevity: 46%	Yeah, all you would have to do is make a payment of half your mortgage every 2 weeks instead of once a month. Would come out to 26 half-monthly payments, which would come out to 13 monthly payments in a year. Saves SO much in interest because all of the money would go directly towards the principal. __________________

03-22-2009, 10:38 PM	#7 (permalink)
~Stephie~ Finding my own path! Join Date: Oct 2005 Location: DFW, Texas Posts: 22,181 Blog Entries: 1 Classifieds: (1) Activity: 9% Longevity: 68%	This is exactly what I want to be able to do when we buy a house!!! GREAT INFO!!!!! __________________ Every Ending is Another Beginning!!!! "For I know the plans I have for you", Says the Lord. Jeremiah 29:11 The cup of e runneth over...

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03-22-2009, 11:14 PM	#8 (permalink)
jennypage Hating the world one asshole at a time.... Join Date: Nov 2007 Location: ME: Roy, Washington HIM: iraqistack Posts: 19,694 Classifieds: (0) Activity: 72% Longevity: 33%	They told us when we signed that if we made one extra payment a year our 30 year mortgage would be paid off in 17!!! That is such a HUGE difference.

03-22-2009, 11:36 PM	#9 (permalink)
wb3690 somewhere in between together......... Join Date: Dec 2005 Location: Jacksonville, Florida Posts: 3,906 Classifieds: (0) Activity: 43% Longevity: 66%	thanks! that's good information to know as we are in the home buying process right now __________________ amy

03-22-2009, 11:43 PM	#10 (permalink)
Aunt Sponge Darkly Dreaming Dexter Join Date: Aug 2007 Location: Arkansas Posts: 10,270 Classifieds: (0) Activity: 61% Longevity: 38%	So if I make 2 or 3 extra payment i can pay it off in 10? Neeeeh - Doesn't work that way I'm afraid. __________________